Nine-month results for state-run and bourse-listed Public Power Corp. (PPC) revealed a drop in profitability, with EBITDA reaching 392.4 million euros, down 37.8 percent, compared to the same period in 2016, when the figure reached 630.4 million euros.
After-tax profits reached 15.8 million, down from 30 million euros over the nine-month period of 2016.
According to the power utility’s management, the poorer results are due to “external factors”, such as dealing with what it called an “energy crisis” last winter, a bigger duty paid into a special renewable energy sources fund, NOME-type electricity auctions and higher taxes on diesel.
In a bid to ameliorate the results, PPC calculated the “external factors” that it cites as burdening the utility with 411.2 in additional costs or lost revenues.
