PPC posts profit increase for first half of 2015

Along with a new pricing policy for businesses and a total of EUR 80 million in incentives for loyal domestic customers, state-owned Public Power Corporation (PPC) reported a rise in turnover and net income for the first six months of this year, Ekathimerini newspaper’s portal reported.

Those who pay their household bills on time will get EUR 30 million back. New scheme for an invoice introduces competitive rates for customers with a nationwide presence, the report said. Smaller rates, similar to those for enterprises consuming over 10 GWh, will be available from October 1. Discounts will be offered to several other categories of commercial clients, including small enterprises and workshops.

Sales increased by 2.8% while the company posted net profit of EUR 105.6 million compared to EUR 96 million for the first half of last year. Earnings before interest, taxes and depreciation rose by 17%.

President and CEO Manolis Panayiotakis cited bigger production from hydro facilities and smaller market prices as main drivers. For the full year, he estimated that revenues from electricity sales will reach EUR 5.6 billion, he added. Revenues increased 3%, but a 50.9% increase was recorded in the provision for bad debts.