WARSAW May 10 Polish state-run power producer
Tauron confirmed on Wednesday that its first quarter
net profit rose to 640 million zlotys ($165 million) from 323
million zlotys a year earlier thanks to reversed impairment
related to a heating plant project.
The net profit came in line with Tauron's estimates released
Tauron and state-run gas firm PGNiG plan to build a
400 megawatt gas-fired unit in Stalowa Wola heat-power plant.
The project faced financial problems and the companies had to
write down its value a year ago.
But Tauron and PGNiG reached an agreement on completing the
project in October last year and this is why Tauron decided to
reverse the impairment in the first quarter of 2017.
($1 = 3.8764 zlotys)
(Reporting by Agnieszka Barteczko; Editing by Elaine