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Athens Macedonian News Agency: News in English, 14-05-29

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] PPC reports higher pre-tax profits in Q1

  • [01] PPC reports higher pre-tax profits in Q1

    ANA/MPA---Public Power Corporation (PPC) on Thursday said its pre-tax profits jumped to 109.3 million euros in the first quarter of 2014, from 45.1 million euros in the same period last year.

    PPC attributed this development to a retrospective introduction of a discount in natural gas prices for the second half of 2013 (following an agreement between Gazprom and DEPA) and a return of 21.3 million euros by Aluminium (a member of Mytilineos Group). Excluding these two factors, pre-tax profits would be 64.8 million euros in the January-March period.

    Turnover was almost unchanged at 1,488.9 million euros, while the volume of sales in the domestic market fell by 2.9 pct to 12,130 GWh due to milder weather conditions during the winter period.

    Arthuros Zervos, chairman and chief executive of PPC, commenting on the results said that "in a difficult economic environment, PPC's strategic options and measurable achievements strengthened its credibility and its outlook, a fact reflected in S&P's decision to upgrade PPC's credit rating by three notches from CCC to B."

    Athens News Agency: News in English Directory - Previous Article - Next Article
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