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    PPC   GRS434003000

PUBLIC POWER CORPORATION S.A.

(PPC)
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Greece's Public Power core profit more than triples as energy costs drop

09/03/2020 | 11:41am EDT

ATHENS, Sept 3 (Reuters) - Greece's biggest power utility Public Power Corp. (PPC) said on Thursday that its second quarter core profit more than tripled from a year earlier, helped by a plunge in oil and gas prices this year.

PPC, which is 51% state-owned and plans to switch off all its coal-fired plants but one by 2023, said earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 275.3 million euros ($325.93 million), up from 75.6 million in the same period last year.

It said its costs fell sharply as prices of fuel and natural gas for its plants, and carbon emissions costs, have fallen sharply due to the impact of the coronavirus.

PPC, which provides 66% of Greece's electricity, has seen its finances suffer in recent years and still has more than 2.7 billion euros in unpaid bills owed by customers who struggled during the country's economic crisis.

The utility said it was still having difficulties in collecting the bills, while revenue also dropped 11.7% to 1 billion euros on lower market share and weaker electricity demand during a lockdown that Greece imposed in March to stem the spread of COVID-19.

Chief Executive Officer Georgios Stassis was confident the utility would overshoot its 2020 EBITDA target, which was 650 million-700 million euros. EBITDA is now expected to reach 850 million-900 million euros as energy costs continued to drop, he said.

($1 = 0.8447 euros) (Reporting by Angeliki Koutantou; Editing by Susan Fenton)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.33% 72.6 Delayed Quote.40.00%
POWER CORPORATION OF CANADA 0.94% 39.87 Delayed Quote.36.40%
PUBLIC POWER CORPORATION S.A. -0.22% 9.16 Delayed Quote.23.28%
WTI 0.93% 70.787 Delayed Quote.45.60%
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More news
Financials
Sales 2021 4 712 M 5 705 M 5 705 M
Net income 2021 110 M 133 M 133 M
Net Debt 2021 3 287 M 3 980 M 3 980 M
P/E ratio 2021 23,2x
Yield 2021 -
Capitalization 2 125 M 2 571 M 2 573 M
EV / Sales 2021 1,15x
EV / Sales 2022 1,26x
Nbr of Employees 13 327
Free-Float 39,0%
Chart PUBLIC POWER CORPORATION S.A.
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Technical analysis trends PUBLIC POWER CORPORATION S.A.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 12,08 €
Last Close Price 9,16 €
Spread / Highest target 64,8%
Spread / Average Target 31,9%
Spread / Lowest Target 0,44%
EPS Revisions
Managers and Directors
NameTitle
Georgios Stassis Chairman & Chief Executive Officer
Alexandridis Konstantinos Chief Financial Officer
George Venieris Independent Non-Executive Director
Despina Doxaki Independent Non-Executive Director
Stephanos Theodoridis Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
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