March 20, 2012 / 6:37 AM / 5 years ago

PGNiG 2011 net down 34 pct, way above expectations

WARSAW, March 20 (Reuters) - Poland's gas monopoly PGNiG said on Tuesday its 2011 net profit declined 34 percent, much less than forecast by analysts, who expected losses on gas imports from Russia to take its fourth-quarter bottom line into the red.

PGNiG reported a net profit of 1.63 billion zlotys ($525.04 million), while analysts expected 1.15 billion.

The group also said it planned to invest around 1 billion zlotys in gas exploration in 2012 and that it has not yet decided on dividend from 2011 profit. ($1 = 3.1045 Polish zlotys) (Reporting by Maciej Onoszko)

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