(Adds details, analyst comment)
WARSAW Feb 16 State-run Polish gas company
PGNiG estimated on Thursday it made a fourth-quarter
net profit of 690 million zlotys ($170 million), recovering from
a 21 million loss in the same period a year earlier when it was
hit by impairments.
The forecast, released unexpectedly two weeks before
scheduled results for 2016, was higher than some analysts had
expected and sent the company's shares to their highest since
"Looking at the business segments, the trade and storage is
a big, positive surprise, but it is difficult to say now what it
was caused by," said Vestor DM analyst Beata Szparaga.
At 1005 GMT, PGNiG shares were up 8 percent to 6.12 zlotys.
PGNiG said net profit excluding impairments, according to
preliminary estimates, came to 830 million zlotys, while
revenues rose to 10 billion zlotys from 9.77 billion a year
It estimated fourth-quarter earnings before interest, tax,
depreciation and amortisation (EBITDA) at 1.69 billion zlotys.
PGNiG, which postponed the release of full 2016 results to
March 8 from March 3, said net profit for the whole of the year
was estimated at 2.32 billion zlotys.
($1 = 4.0688 zlotys)
(Reporting by Lidia Kelly and Anna Wlodarczak-Semczuk; Writing
by Agnieszka Barteczko; Editing by Mark Potter)