Soaring profits for Poland’s state-owned companies: report – Radio Poland :: News from Poland
In the first half of this year, the 15 largest state-owned Warsaw Stock Exchange-listed companies posted a combined profit of almost PLN 15 billion (EUR 3.5 bn, USD 4.2 bn), more than twice as much as a year earlier and almost three times more than in the first half of 2014 and 2015, according to the report by the money.pl financial website.
For the first time in four years, none of the largest state-owned companies reported a loss in the first six months of the year, money.pl said.
Fuel giant Orlen was Poland’s most profitable state-owned company at midyear, with nearly PLN 3.5 billion (EUR 820 million, USD 980 million) in profit in the first half of this year.
In part this is because the government last year introduced legislation to restrict tax evasion on the fuel market, according to money.pl.
Gas and oil company PGNiG was the runner-up with more than PLN 2 billion (EUR 470 million, USD 560 million) in profit.
Energy giant Tauron posted a more than PLN 1 billion (EUR 230 million, USD 280 million) profit in the first half of this year, improving its result by a mind-boggling 29,000 percent, according to money.pl.
Poland’s state-owned businesses are benefitting from the country’s healthy economic growth, which reached 4 percent in the first quarter of this year, and a recovery in other European economies, money.pl added. (gs/pk)