News Parkiet

Energy

PGNiG sees lower earnings after price hike

PGNiG gas monopoly expects lower earnings than last year's PLN 1.1 billion zloty profit, chief executive Marek Kossowski said yesterday. The company blamed this month's 7.5 percent price hike of its main product, which it said wasn't enough to offset higher prices of natural gas imported from Russia.

Gas prices rose about 30 percent recently, PGNiG said, while price hikes for consumers are restricted by government regulator, URE. PGNiG imports almost two-thirds of its natural gas.

Information technology

Emax reports higher earnings

Information technology group Emax SA said its first-half profit totaled 3.36 million zloty, some 46 percent more than its original figure, after booking extra gains on a long term contract. Sales at the Poznań-based firm, which specializes in large industrial automation and public sector projects were unchanged at 150 million zloty.

Power industry

Elektrobudowa to boost sales in Russia

Power industry building contractor Elektrobudowa says it expects more than 30 million zloty in sales from its Russian unit next year after investing about a million dollars in a local switchgear manufacturer. Elektrobudowa owns 51 percent of Kruelta.

Civil engineering

PBG raises earnings estimate

Pipeline builder PBG says it expects 33.3 million zloty in earnings this year, some 10 percent more than its original forecast, on sales of 422 million zloty following a merger with two part-owned subsidiaries. Separately PBG said it was awarded a 20-million zloty contract by Utah-based FX Energy to develop Wilga gas field in central Poland.

Civil engineering

PRInż kicked out of Katowice

Road builder PRInż, a unit of the publicly traded Mostostal Zabrze, was told to leave the construction site of Katowice's DTS turnpike because of continuing doubts about its finances. PRInż was hired as the general contractor at DTS, a 250-million zloty project in 2003.