Poland’s PGNiG profit hit by impairments

By Mirza Duran Poland’s dominant gas firm and LNG importer PGNiG reported a 29 per cent lower net profit in the first quarter, hit by impairments.

Swinoujscie LNG terminal (Image: PGNiG)

Quarterly net profit stood at 779 million Zlotys ($196m) when compared to 1.1 billion Zlotys in the January-March period last year.

Revenue also declined 4 per cent year-on-year to 13.76 billion Zlotys.

The Polish company attributed the decrease to 758 million Zlotys impairment losses on non-current assets related to crude oil and natural gas production in Poland and abroad.

The company’s chief executive Jerzy Kwieciński said PGNiG delivered “good results” despite the sharp decline in hydrocarbon prices,

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