PPC posts 55.7m euro net profit for first quarter

PPC, the Public Power Corporation, posted a net profit figure of 55.7 million euros for the first quarter of 2015, down from 81.3 million euros for the equivalent period last year.

The corporation’s EBITDA (Earnings before interest, taxes, depreciation, and amortization) figure rose to 313.9 million euros from 309.4 million euros. Total turnover increased by 4 percent in the first quarter, reaching 1.548 billion euros from 1.488 billion euros in the first quarter last year.

PPC noted that the EBITDA first-quarter increase is actually larger should one take into account that last year’s first-quarter result included the retroactive implementation of a discount for the price of natural gas consumed by the corporation in the second half of 2013, whose positive impact was valued at 23.2 million euros.

Also, the 2014 first-quarter EBITDA figures includes a 17.4 million-euro sum received by the company, following a European Commission decision, over a state aid dispute with Aluminium SA for the period covering January, 2007 to March, 2008.

Without the favorable impact of such lump payments, PPC first-quarter EBITDA figure for 2014 would have reached 268.8 million euros, and the EBITDA margin 18.1 percent.

Total turnover increased by 59.7 million euros, or 4 percent, to reach 1.55 billion  euros from 1.49 billion euros in the first quarter of 2014.

Earnings from electricity sales increased to 1.51 billion euros in the first quarter of 2015, from 1.45 billion euros in the equivalent period a year earlier, a 3.8 increase.

Operating costs increased by 55.2 million euros, or 4.7 percent, to 1.23 billion euros in the first quarter of 2015 from 1.18 billion euros in the first quarter of 2014.

Investement amounts for the first quarter of 2015 reached 98.4 million euros, up from 90.1 million euros in the first quarter of 2014. As a percentage of total earnings, first-quarter investments represented 6.4 percent, from 6.1 percent in the first quarter of 2014.

“Our objective is to achieve the greatest possible reduction in the cost of energy, as determined by the market and regulatory inrevention, with the aim of offering competitive prices that benefit consumers,” noted PPC’s recently appointed CEO, Manolis Panagiotakis.