ECONOMY

Public Power Corporation…

State power company Public Power Corporation (PPC) reported a 27 percent drop in first-half net profits to 347.9 million euros as a result of reduced demand and higher fuel costs. First-half sales fell 4.9 percent to 2.7 billion euros. The reduction in the firm’s first-half profit ‘is attributed to the reduction in the revenues from energy sales, due to the loss of market share and lower demand, as well as in the increase in the cost of the energy balance due to higher quantities of energy purchases and significant increases in fuel prices,’ Chairman and CEO Arthuros Zervos said in a statement. PPC shares eased 0.08 percent to 11.90 euros yesterday, versus a 1.69 percent advance on the broader market.