WARSAW: Power group PGE posted a PLN 5.06 billion attributable net loss in the first half following a pre-announced impairment to the tune of PLN 8.8 billion, PGE’s consolidated H1 report showed.
The H1 take left PGE with a Q2 attributable net loss of PLN 6.15 billion, calculations against the H1 report and Q1 figures show. Cleared of the one-offs, Q2 EBITDA grew 16% year on year to PLN 1.7 billion, PGE management said.
PGE has launched a strategy review in response to deteriorating market conditions and will present its effects by the end of 2015, with targets including an extra PLN 1 billion spending cuts post-2016 , the firm said.
The need to revise strategy comes on negative trends in wholesale prices, tighter climate policy in the EU, changes in renewable energy support system in Poland, deterioration on the global market of fuels and limited potential for cutting fixed costs in the short term, PGE wrote.
