IPTO, the power grid operator, has posted a net profit figure of 61.7 million euros for 2017, regarded as a better-than-expected result.

The operator’s EBITDA reached 172 million euros, a 13.1 percent increase, while investment costs rose totalled 70.1 million euros, a reflection of the faster rate of investments being carried out. Profit after tax increased by 64.4 million euros.

According to a revised IPTO forecast, net profit is expected to reach 85 million euros by 2021, while the operator’s EBITDA is seen reaching 220 million euros during this period.

The operator’s significantly increase profitability has been attributed to two factors, one of these being a total turnover increase to 256 million euros, from 249 million euros in 2016, and a 12.3 percent reduction in operating costs, to 89.1 million euros from 101.6 million euros in 2016.

As noted by IPTO, the operator, backed by SGCC, its strategic partner, plans to make investments worth one billion euros by 2021.

The operator has swiftened the development of major projects, as highlighted by the swift completion of the first phase of the Cyclades interconnection. The operator’s board has also rescheduled its completion target for this interconnection’s third phase to 2020 from 2022.