Greece's state-controlled electric utility, Public Power Corp. SA (PPC.AT), said Friday that it expects parent company 2010 pretax profit of EUR626 million, up from EUR531 million in 2009.
The forecast is part of the company's 2010 budget, which was approved by the board of directors Thursday, PPC said in a statement.
The improved pretax profit comes despite higher forecast oil prices, a weaker euro versus the dollar and weaker electricity demand.
The budget foresees an average price for Brent crude at $80 per barrel in 2010, up from $55 per barrel in 2009, PPC said. The exchange rate is seen at an average rate of $1.25 per euro this year, down from $1.45 in 2009.
The budget also estimates that electricity demand in Greece will grow by just 0.7% in 2010, and that PPC's domestic sales will shrink by 1.8%.