WARSAW May 10 Polish state-run power producer
Tauron on Wednesday reported first-quarter net profit
of 640 million zlotys ($165 million), against 323 million zlotys
a year earlier, thanks to a reversed impairment related to a
heating plant project.
The net profit was in line with Tauron's estimates released
Tauron and state-run gas company PGNiG plan to
build a 400 megawatt gas-fired unit in the Stalowa Wola
heat-power plant. The project faced financial problems and the
companies had to write down its value a year ago.
However, Tauron and PGNiG reached an agreement on completing
the project in October last year, enabling Tauron to reverse the
impairment in the first quarter of 2017.
"Such significant one-off events should not be expected in
the coming quarters," Tauron Chief Financial Officer Marek
Wadowski said in a statement.
He added that rising carbon emission costs and pressure on
coal prices could have a negative effect on future results.
($1 = 3.8764 zlotys)
(Reporting by Agnieszka Barteczko; Editing by Elaine Hardcastle
and David Goodman)