Power utility PPC’s trajectory towards a poor first-half performance, expected as a result of disappointing first-quarter figures and looming very bad results for the second quarter, are a concern for both the company itself and the main opposition New Democracy party, if it is voted into power at the July 7 elections, as the recent European election results have indicated.
There are no signs of a late second-quarter rebound for PPC within the next fortnight or so, when the first-half period is completed.
Not surprisingly, the ND party has remained quiet on PPC, marginalizing the power utility on its pre-election agenda.
Cash flow problems are dreaded at PPC, a corporation with 16,747 staff members on the payroll, a senior company official recently acknowledged in comments to reporters.
PPC’s first-half results, to be published in autumn, as is customary, will provide a clear picture on the course of the company, which has relied heavily on cash injections from the State for support but has not received any new amount of late.
Most recently, PPC was expecting a cash injection of 250 million euros for public service compensation (YKO) concerning 2011. The prospect, which would have offered PPC some relief, was blocked by finance minister Euclid Tsakalotos.