Polish gas monopolist PGNiG nets EUR 366 mln in Q1

Poland's gas and oil company PGNiG posted a consolidated net profit of PLN 1.57 bln (EUR 366 mln) in the first quarter of 2018, down 2.1 percent from the first three months of 2017. The figure was in line with earlier estimates.

PGNiG's consolidated revenue was at PLN 13.25 bln (EUR 3.10 bln) in January-March 2018, up by 14 percent from the same period of the previous year, the company said in Wednesday's statement.

The growth in prices of hydrocarbons had a significant impact on the group's results, PGNiG CEO Piotr Woźniak was quoted as saying in the company's news release.

"The increasing diversification of gas supply directions is a reason for satisfaction. It is one the key elements of the Group's strategy," Woźniak said.