PGNiG Reports Bigger Than Expected Fall in Q3

Poland’s PGNiG revised downwards its consolidated revenue forecast for 2015, while expecting higher consolidated EBITDA.

"The decrease in forecast revenue is due to persistently low prices of crude oil and lower gas selling prices across European and Polish commodity exchanges. As a result, the PGNiG Group’s total cost of gas procurement was reduced, which led to a decrease in tariff prices and introduction of discounts for industrial customers," the company wrote on Friday. 

The company’s shares fell more than 6% over Friday's trading session. 

PGNiG, Poland’s biggest gas distributor, also reported today that it had experienced a bigger fall in third-quarter net profit than expected. The year-on-year fall was around 53%.

On the other hand, EBITDA has been raised by 8.6% to 6.3 billion zlotys ($1.61 billion). 

Earlier this year, acting as an intermediary for gas supplies to the Świnoujście LNG terminal, PGNiG reached an agreement with Qatargas for LNG for cool-down and start-up operations.