PGPKY PGE Polska Energetyczna SA (PK)

WARSAW--Poland's top energy utility PGE Polska Grupa Energetyczna S.A. (PGE.WA) said first-quarter net profit dropped 25% to 1.23 billion zlotys ($380 million) due to lower prices amid an economic slowdown.

MAIN FACTS:

- Net profit dropped 25% to PLN1.23 billion, analysts expected a fall to PLN1.04 billion.

- Operating profit down to PLN1.55 billion from PLN1.96 billion a year earlier.

- Analysts expected EBIT to reach PLN1.3 billion.

- Revenues declined less than expected to PLN7.8 billion.

- Decline in earnings a result of lower energy prices and lower margins due to economic slowdown in Poland.

Write to Patryk Wasilewski at patryk.wasilewski@dowjones.com

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