Greek state-controlled utility Public Power Corp. SA
(PPC.AT) Tuesday reported a EUR1.4 million net loss in first quarter, due to
higher fuel and energy purchase costs.
MAIN FACTS:
-Net
loss for first quarter to March 31 EUR1.4 million, compared with a net profit
of EUR93.3 million in 2011's first quarter.
-Earnings before interest, taxes, depreciation and amortization, or Ebitda, was
EUR232 million, down from EUR327 million.
-Turnover increased to EUR1.549 billion from EUR1.374 billion.
-Pre-tax profit was EUR15 million compared with EUR121.3 million
-PPC's total electricity profits increased by 6.4%.
-PPC's Chief Executive Arthouros Zervos said demand has been sluggish since
March and the wholesale market price has retreated to below budgeted levels in
April and May
-Zervos said he expects full-year Ebitda margin to reach the budgeted level, as
long as macroeconomic environment don't deteriorate further.
-"Revenues from electricity sales, following a downward trend observed for
three consecutive years, were up by 17.4% in the first quarter," he said.