Poland’s state-run power corp Energa posts huge loss in Q2

Poland’s state-controlled power company Energa posted a net loss of PLN878mn (€199.04mn) in the second quarter, the company said on July 30. 

The net result is a turnaround on a net gain of PLN66mn in the second quarter of 2019, figures show. The coronavirus (COVID-19) pandemic had a negative effect of PLN95mn on the company’s results, Energa said.

Earlier, Energa warned it was going to take in impairments and reserves to the tune of over PLN1.1bn.

Energa’s revenues came in at PLN2.86bn in the second quarter, marking an expansion of 12% y/y. Ebitda fell 30.8% y/y to PLN487mn. 

Energa is subject to a takeover by another state-controlled company, the refiner PKN Orlen, which the Polish government wants to become an international multi-energy company.

Energa is listed on the Warsaw Stock Exchange. The company's stock fell 1.92% to PLN7.93 at the end of the day's trading on July 30. Year to date, Energa's shares gained nearly 12%, however.