Greece's 51%-state-owned electricity utility, Public Power Corp. SA (PPC.AT), Tuesday said it swung to a net loss of EUR305.9 million for 2008 on higher costs related to fuel, energy and carbon dioxide emissions expenses, but reiterated its guidance for 2009.
For the first two months of 2009 "the preliminary unaudited estimate of pre-tax profits is in the order of EUR190 million versus EUR106 million in the budget and EUR69 million last year," said Chairman and Chief Executive Takis Athanasopoulos in a statement.
The 2008 loss - the first one since the company's listing on the Athens Stock Exchange in 2001 - was expected due to a slowdown in electricity demand in the fourth quarter. The company had also warned in September that second-half losses would exceed a surprise first-half loss of EUR111.8 million.
The 2008 net loss figure was smaller than expectations of EUR321.2 million in a Dow Jones poll of six analysts.
Revenue for 2008 was EUR5.82 billion, up 13% from EUR5.15 billion a year earlier, in line with analyst expectations.
At 0907 GMT, PPC shares were up 0.8% at EUR13. Since the beginning of the year the company's shares have risen 8.6% on expectations of a rebound in 2009 results, while the Athens stock exchange general index has fallen 6.7%.