Polish state - run producer and gas importer PGNIG made a full - year net profit last year of $755 million, an increase in local currency terms of 47% from the previous year, and reversed a net loss of $43 million in the last quarter of 2013 into a net profit of $183 million. Higher margins on PGNIG's gas sales were the main driver behind its profit growth. Sales grew by 15% to 18.6 Bcm last year despite warm weather, but its gas imports at 9.7 Bcm were 1.15 Bcm lower, with half the decline (0.6 Bcm) consisting of "imports from countries east of Poland, partly attributable to reduced supplies." That followed unexplained fluctuations in deliveries by Gazprom, but it seems PGNIG made up any shortfall with cheaper spot gas from the west ( IOD Sep.23'14 ). It secured a term price cut from Gazprom in 2012 but already wants another ( LNGI Nov.6'14 ).
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