PPC reports lower profitability, EBITDA in H1 2017

Wednesday, 27 September 2017 21:02

After-tax profits for the Public Power Corp. (PPC), the dominant electricity utility in the country, reached 14.4 million euros during the first half of the year, a decrease of 74.8 percent compared to the same period of 2016.

H1 2016 had reached 57.1 million euros for the state-run and listed utility.

EBITDA was reduced by 250.8 million euros (46.8 percent) compared to the first six-month period of 2016 -- with H1 2017 EBITDA at 11.5 percent compared to 20.1 percent in H1 2016.

 According to PPC's management, the reduced profitability is due to additional burdens of 274.6 million euros from "external factors", citing what it called increased costs from deal with an "energy crisis", covering a shortfall from a fund allocated for renewable energy sources and NOME electricity auctions at under-market rates.

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