February 13, 2017 / 6:51 PM / 3 years ago

BRIEF-Orange Polska's 2016 net loss 1.75 bln zlotys, analysts expected profit

Feb 13 (Reuters) - Orange Polska SA:

* The Polish unit of France’s Orange, Orange Polska, said on Monday it booked a net loss of 1.746 billion zlotys ($429.18 million) in 2016 compared to a net profit of 254 million zlotys in 2015.

* Analysts polled by Reuters expected a net profit of 48 million zlotys in 2016.

* Orange Polska also said it booked an impairment loss of 1.792 billion zlotys on its fixed asset that weighed on the 2016 net result but did not affect the company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) or level of cash.

* Orange Polska also said that the company’s management board will not recommend paying out a dividend for the year that ended on Dec. 31, 2016 as it plans to allocate the maximum amount of cash for strategic investment projects, including a fibre investment.

* “This decision is responsible and for the good of the Company and its shareholders as market repair is progressing slower than previously anticipated and more offensive actions are needed,” Orange Polska said in a statement.Source text for Eikon: Further company coverage: ($1 = 4.0682 zlotys) (Reporting by Marcin Goettig)

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