August 22, 2017 / 5:23 AM / a month ago

Polish Play H1 net profit plunges 67 pct y/y

WARSAW, Aug 22 (Reuters) - Play Communications, the owner of Poland’s second biggest mobile network operator Play, posted a 67 percent fall in net profit in the first half of the year hurt by higher expenses.

The company, which debuted on the Warsaw bourse in July with the biggest initial public offering since 2011, said on Tuesday its net profit fell to 57.5 million zlotys ($15.9 million) in the first half of 2017 from 176.1 million zlotys a year earlier.

Play’s sales for the period rose by 10 percent to 3.2 billion zlotys.

Net profit for the second quarter alone was flat year-on-year at 39 million zlotys, the company said. ($1 = 3.6232 zlotys) (Reporting by Agnieszka Barteczko; Editing by Gopakumar Warrier)

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