Profit doubles at Polish media group Cyfrowy Polsat, beats forecast (updated)

Cyfrowy Polsat SA

20/11/2024 17:53

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       Nov 20 (Reuters) - Net profit at Polish media group
Cyfrowy Polsat  CPS.WA  jumped 106% to 248.9 million zlotys
($60.35 million) in the third quarter from a year earlier, as
depreciation and amortisation costs fell and on lower finance
costs, it said on Wednesday. 
    Analysts polled by Reuters expected third-quarter profit to
come at 213 million zlotys. 
    Revenue at one of Poland's largest media conglomerates
increased 4% to 3.58 billion zlotys, propped up by retail and
energy revenue.
    The company, which entered the green energy sector in 2023,
is actively pursuing the development of clean energy and plans
to invest approximately 5 billion zlotys in expanding its clean
energy production from photovoltaics, biomass, onshore wind
farms, and thermal waste treatment between 2022 and 2026.
    Energy revenue increased as much as 32% year on year, driven
by increased installed capacity at the Group's wind farms. 
    In the third quarter, the group generated 300.6 GWh of
electricity from its renewable energy sources, a 57.1% year on
year increase, with wind energy playing a key role in this
expansion.
    ($1 = 4.1245 zlotys)

 (Reporting by Marta Maciag, Editing by Jane Merriman and
Bernadette Baum)
 ((Marta.Maciag@thomsonreuters.com;))