Poland’s PGNiG said its 2011 net profit was PLN 1.63bn, having fallen by PLN 831m year on year due to losses incurred on gas sales.
One of the main factors driving down net profit was a 6 pp drop in margin on sales of high-methane gas, which declined from 3% in 2010 to -3% in 2011.
The Group’s operating profit fell 42%, to PLN 1.69bn, however the decrease was offset by higher profitability reported by the Exploration and Production segment, which contributed two thirds of the Group’s total operating profit.
In 2011, the PGNiG Group’s sales revenue was PLN 23bn, up 8% on 2010.
[mappress] LNG World News Staff, March 20, 2012