Greek state-controlled utility Public Power Corp. SA
(PPC.AT) reported Thursday a first-half net profit of 18.3 million euros ($23
million), down 85.8% from a year earlier because of higher energy costs and a
new lignite levy.
MAIN
FACTS:
-Earnings before interest, taxes, depreciation and amortization, or Ebitda,
fell to EUR483.4 million from EUR603.8 million a year earlier.
-Turnover increased 8.4% to EUR2.9 billion.
-Its Ebitda margin narrowed to 16.5% from 22.2%.
-Net debt rose to EUR4.7 billion from EUR4.3 billion in the first half last
year.
-Chief Executive Arthouros Zervos said higher energy costs,
Greece
's
deteriorating economic environment and the lack of liquidity in the market put
pressure on group profitability.
-Mr. Zervos said he expects the company's full-year Ebitda margin to be
16%-16.5% as long as
Greece
's
macroeconomic environment doesn't deteriorate further.