PPC turns in a profit for 1st half

Public Power Corporation reported yesterday a first-half net profit of 412.1 million euros versus a 111.8-million-euro loss last year, on lower power generation costs. Analysts were expecting a figure of 386.4 million euros, according to Reuters. Falling energy prices and boosted hydropower generation due to strong rainfall resulted in a sharp drop in energy costs. «PPC’s good financial performance continued in July,» PPC CEO Takis Athanassopoulos said in a statement. »In the first half, we seem to be achieving our budget target to contain controllable costs.» PPC’s sales grew 5.9 percent to 2.93 billion euros as a 7.3 percent increase in electricity prices offset a 4.9 percent drop in power demand. Greek industries consumed less energy as they scaled back production to cope with the global economic crisis. Shares in PPC, which has a market value of 3.8 billion euros, fell 2.77 percent on the Athens bourse yesterday to 16.52 euros versus a 0.05 percent retreat on the broader market.