ATHENS (Thomson Financial) - Public Power Corp SA (PPC) said it swung to a first-half net loss of 111.8 million euros including CO2 expenses from a net profit of 99.4 million euros a year ago.
The Greek electricity utility said its results were hit by a 56.9 million euro provision for CO2 emission rights.
Six-month EBITDA fell 51.3 percent to 222.2 million euros from 456.4 million euros for the first half of 2007, while revenues were up 11.9 percent to 2.764 billion euros from 2.47 billion euros.
Electricity sales were up despite the March 2008 strikes and, while volumes were up 2.5 percent, the 10 percent tariff increases also contributed.
CEO and chairman Takis Athanasopoulos said 2008 has not become a positive year due to significant internal and external negative factors, citing the unprecedented increases in fuel and energy prices, a reduction of lignite generation due to maintenance and the 18-day labour strike.
'Bottom-line results for the whole year are estimated to be approximately at the level of the 2007 first half,' he said.
Athanasopoulos stressed the need for drastic internal restructuring to cut expenses and secure cash flow for investments. 'These efforts will be outlined at the business plan presentation in the autumn,' he added. nick.skrekas@thomsonreuters.com ns/ms1 COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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