The main power utility PPC’s profit after tax fell to 88.7 million euros in 2017 and the EBITDA figure reached 804.7 million euros, without the inclusion of former subsidiary IPTO, the power grid operator, according to figures announced by the utility last night.

Pretax profit dropped to 60.5 million euros in 2017 from 125.4 million euros in 2016.

Total turnover fell by 186.2 million euros, or 3.6 percent, to 4.943 billion euros in 2017 from 5.13 billion euros in 2016, primarily as a result of PPC’s reduced market share. The power utility’s market share contracted to 86.7 percent in 2017 from 91.8 percent in 2016.

The country’s overall electricity demand increased by 1.5 percent in 2017 to 57,845 GWh from 56,972 GWh in 2016, according to the PPC announcement.

PPC’s operating profit dropped by 179.6 million euro to 4.14 billion euros in 2017 from 4.32 billion euros in 2016.

Total payroll costs fell by 5.4 million euros to 891.7 million euros in 2017 from 897.1 million euros in 2016, according to the PPC announcement.

Total investments dropped to 410.7 million euros in 2017 from 743.7 million euros in 2016.