Public Power Corporation says revenue up, profits down in Q1‏

Public Power Corporation (PPC) on Thursday said its revenue grew 4.0 pct in the first quarter of 2015, but higher provisions (187 million euros) and increased spending on energy supplies had a negative effect on results, with net profits falling to 55.7 million euros in the January-March period from 81.3 million euros in the same period last year.

EBITDA grew to 313.9 million euros, from 309.4 million last year, while turnover grew 4.0 pct to 1.548 billion euros.

Pre-tax earnings grew by 3.9 million euros in the first three months, while spending fell by 17.9 million euros in the same period. Income from electricity energy sale grew 55.5 million euros in the three-month period to 1.507 billion euros. Demand for electricity energy grew 8.9 pct to 15,122 GWh, from 13,880 GWh last year. PPC said its market share eased to 97.4 pct from 98.1 pct.

Spending on fuel, CO2 and electricity energy grew 0.6 pct in the first quarter, while payroll spending fell to 236.4 million euros, from 248.3 million in 2014.

Bad debt provisions grew to 192.2 million euros, from 147.9 million last year, an increase of 30 pct.

Pre-tax profits fell to 77.2 million euros from 109.3 million last year, while after tax profits were 55.7 million euros, from 81.3 million last year.

Investments grew to 98.4 million euros in the three-month period, from 90.1 million euros in 2014, while net debt was 4.965 billion euros, up from 4.613 billion in December 31, 2014, but down from 4.992 billion in March 2014.

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