By Marynia Kruk
WARSAW--Poland's largest power utility Polska Grupa Energetyczna
SA (PGE.WA) said Thursday it swung to a 420 million zloty ($132
million) net loss in the fourth quarter, in line with a
month-earlier warning about a write-down on the value of its Dolna
Odra power plant and a carbon capture and storage project.
Analysts polled by Dow Jones Newswires expected an average net
profit of PLN406 million.
In a separate statement, the management of the state-controlled
company recommended a dividend of PLN0.86 a share or 50% of 2012
net profit, which would yield 5% based on PGE's closing share price
Wednesday, less than some analysts had expected.
PGE's fourth-quarter sales reached PLN8.66 billion, beating an
average analyst forecast of PLN7.24 billion.
Lower power prices in Poland have depressed the company's
shares, which are 11% lower than a year ago.
Write to Marynia Kruk at marynia.kruk@dowjones.com
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