Jittery caused the resignation of the Public Power Corp chief financial officer Grigoris Anastasiadis, a position which held for the past six years.
Analysts reckon that his resignation is related with the company’s bad half-year earnings performance. Net profits fell 35% compared with the same period in 2005.
“It would be quite difficult for Public Power Corp to implement its already announced business plan as soon as the fourth quarter,” said analyst Stella Dimaraki with Marfin Securities.
High energy costs along with the state-controlled energy producer inelastic internal costs were cited for the company’s poor economic performance since 2004.
The company has presented an “ambitious business plan,” –according to analysts- which would be in effect from the fourth quarter of 2006.
At midday, the stock was down 0.6% at EUR 18. 60 versus gains of 0.7% of the stock exchange’s general index.
Giorgos Aggelopoulos will replace temporarily Grigoris Anastasiadis, while the post will be advertised at a later stage, according to the company.