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PGNiG Falls as Gas Company Posts Unexpected Loss: Warsaw Mover

Aug. 23 (Bloomberg) -- Polskie Gornictwo Naftowe i Gazownictwo SA headed for the steepest decline in three months after Poland’s dominant natural-gas company posted an unexpected second-quarter loss.

The shares dropped as much as 3.4 percent before trading 2.9 percent lower at 4.03 zloty, the most on a closing basis since May 25, as of 10:08 a.m. in Warsaw.

Net loss widened to 314 million zloty ($97 million) from 20 million zloty a year earlier, PGNiG, as the company is known, said on its website today. That compares with the 3.4 million-zloty mean estimate of a profit from eight analysts surveyed by Bloomberg.

“PGNiG has had a truly disappointing quarter,” Robert Rethy, a Prague-based analyst at Wood&Co., wrote in a note to clients today. “The source of the miss is entirely the trading segment.”

To contact the reporter on this story: Piotr Bujnicki in Warsaw at pbujnicki@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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