The Public Power Corporation announced last week record pretax profits for the first half year. Profits grew by 76.7 percent to 282.7 million euros year-on-year, mainly as a result of a 68.2 million-euro cut in non-operating expenses and an 18.1 percent rise in turnover to 1.9 billion. Operating income was up 40.2 percent to 323 million euros. The company's net debt fell by 181 million euros since the end of 2002 to 4 billion euros. Separately, the Economy Ministry announced its intention to float a second tranche of PPC shares in the last quarter of this year.