The main power utility PPC returned to profit territory in 2016 despite a reduced total turnover figure, which slipped to 5.25 billion euros from 5.73 billion euros in the previous year, according to figures just reported by the utility.
PPC posted net profit after tax of 67.5 million euros in 2016 after incurring losses worth 102.5 million euros in the previous year.
PPC’s figures indicated a further deterioration of its cash flow in 2016, a year loaded with loan and interest payments combined with the persistence of unpaid receivables at alarmingly high levels.
PPC’s retail electricity market share contracted by approximately 5 percent in 2016 but this drop was far less than the bailout-required target figure.
This is the main reason why the counry’s lenders are pushing for structural changes at PPC in the form of production unit sales.
The utility’s EBITDA figure rose by 235.3 million euros compared to 2015, while its EBITDA margin reahed 20.2 percent from 14.4 percent.