May 10, 2017 / 4:19 PM / 8 months ago

Poland's Tauron confirms first quarter net rise on impairment reversal

WARSAW, May 10 (Reuters) - 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 in April.

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 Hardcastle

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