Greek state-controlled utility Public Power Corp. SA
(PPC.AT) Thursday posted a sharp jump in first-half profit thanks in part to
increased electricity production from its hydropower plants.
MAIN FACTS:
-First
half to June 30 net profit of 127.1 million euros ($169.8 million) from EUR22.9
million in the first six months of 2012.
-First-half revenue EUR2.95 billion, compared with EUR2.94 billion.
-Earnings before interest, taxes, depreciation and amortization, known as
Ebitda, rose to EUR586.3 million from EUR489.0 million.
-Ebitda margin in first half widened to 19.9% from 16.6%.
-Chief Executive Arthouros Zervos said: "Despite the increase of CO2
expense by approximately EUR106 million, the reduction of the energy mix cost
by EUR146 million [-8.1%], attributed to a large extent to hydro generation
which more than doubled [increase of 2,016 GWh or 116%], had a significant
positive impact on Group results."
-For the full year, the company sees Brent oil at $105 a barrel, the euro at
1.28 against the dollar and the price for CO2 emission rights at EUR5 a metric
ton.
-For September to December, revenues from energy sales are estimated at EUR5.9
billion, with an estimated total revenue of EUR6.1 billion. The Ebitda margin is forecast
at 16.5%-17%.