PPC reports sharply improved profits in H1

EBITDA rose 19.9 pct in the January-June period to 586.3 million euros, reflecting lower cost of PPC’s energy mix, while EBITDA margin grew to 19.9 pct from 16.6 pct in the same period in 2012.

Electricity demand fell by 3.5

pct in the first six months of the year, with demand falling by 2.0 pct in the second quarter after a 4.9 pct drop in the first quarter.

Electricity energy sales, including exports, fell 1.9 pct, although revenue rose by 1.9 pct due to higher electricity rates. Turnover grew 0.4 pct to 2.951 billion euros in the six-month period.

PPC said production and import of electricity energy covered 63.8 pct of total demand, up from 67 pct in the first half of 2012. Production by lignite and natural gas power units fell in the first half, although hydro-electric production rose and production from alternative energy sources by third parties rose significantly, raising their share in the country’s energy mix to 14.3 pct from 9.8 pct last year.

Spending on liquid fuel, natural gas and electricity energy fell by 17 pct in the January-June period, while spending on CO2 emission rights totaled 106.2 million euros.

PPC said payroll cost fell by 1.9 pct in the first six months of the year.

Source: AMNA