Public Power Corporation (PPC) yesterday reported nine-month net profits of 643 million euros on lower power generation costs, beating market expectations.
The result, which beat analysts expectations for a figure of about 623 million euros, is a sharp improvement on the company’s 245-million-euro losses for the same period a year ago.
Falling energy prices allowed the utility to cut its fuel bill by 47 percent, or 1.1 billion euros. In addition, strong rainfall boosted lower-cost hydropower generation by 40 percent.
Looking ahead, PPC CEO Takis Athanassopoulos said in a statement that “2009 is expected to be a year of good financial performance, given the favorable conditions.”
Investors, however, remain cautious, as the company’s earnings are highly dependent on crude oil, carbon emissions and natural gas prices.
Its shares fell 1.95 percent on the Athens bourse yesterday to 15.10 euros, after a 4.4 percent rise in the previous session. The broader market retreated 1.33 percent.
(KATHIMERINI, 11/11/2009)