PGNiG, Poland’s biggest gas firm, said on Friday it swung to a net loss of 21 million zlotys ($5.30 million) in the fourth quarter from a profit of 688 million zlotys a year earlier, due to impairments and falling oil and gas prices.

Analysts expected the state-run firm to report a net loss of 18 million zlotys in the quarter. Last month PGNiG said it expected asset value impairments to hit its fourth-quarter results and estimated its fourth-quarter EBITDA result to fall to 0.77 billion zlotys from 1.36 billion zlotys.