In the third quarter of this year, analysts believe the biggest companies listed on the Warsaw Stock Exchange saw their sales rise and their net profits stabilize.

However, their operating profits continued to shrink, Parkiet reported after analyzing analysts’ forecasts for the Q3 results of major Polish firms. The third-quarter earnings season is due to begin soon.

According to Parkiet, the 24 biggest non-financial companies improved their sales by almost 9 percent compared to the corresponding period of the previous year. Their combined net profits grew by almost 3 percent to zł.5.9 billion, but operating profits fell by more than 18 percent to zł.7.5 billion.

Analysts predict that in the third quarter copper miner KGHM might have lost the title of the most profitable company on the WSE. They believe that refiner Orlen could have produced a higher net profit (more than zł.1.3 billion) on the back of surging oil prices and a strong złoty.

KGHM on the other hand suffered from the new tax of copper and silver mining that was introduced earlier this year. As a result, it is expected to show earnings of around zł.1.15 billion, down 64 percent year-on-year.

Poland A.M.