ZE PAK records 79% decline in Q4 profits due to CO2 costs
March 21, 2014
Power producer ZE PAK netted PLN 18.6 million in Q4 2013, visibly below the consensus for PLN 86.9 million profit and down by 78.9% year on year as the company booked new costs for CO2 emission rights, annual financial report showed.
All Q4 numbers are Polish news agency PAP calculations against FY2013 and 9M figures.
Q4 revenues rose 1.6% y/y to PLN 747 mln to beat the consensus estimate by 7.7%, but did show declining revenues on electricity sales, down 10% y/y in Q4, calculations show.
Profitability was hit very high on the P&L as the group added PLN 150 million for a new cost position - CO2 emission rights - presumably a Q4 cost as the position had not been present in the Q3 report.