Gov't relieved by PPC's H1 2019 results; ministers says insolvency avoided

Tuesday, 24 September 2019 22:20
UPD:22:22
INTIME NEWS/ΧΡΥΣΟΧΟΪΔΗΣ ΓΡΗΓΟΡΗΣ
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A finalized audit of troubled Public Power Corp. (PPC), the dominant electricity provider in the country, in tandem with H1 2019 results have reportedly provided a fillip to the utility's quest to remain solvent.

A similar audit by Ernst & Young for 2018, under the previous SYRIZA government, had cast the ATHEX-listed utility's viability in doubt.

With the results in hand on Tuesday, relevant Energy & Environment Minister Costis Hatzidakis said a "very serious development was avoided, one with grave repercussions for the Greek economy," a direct reference to PPC's possible bankruptcy.

Tuesday's results showed EBITDA down in the first half of the year to 117.5 million euros, down from 182.9 million in H1 2018. Pre-tax losses were 236.2 million euros, up from 154.6 million euros; 204 million euros after-taxes, up from 162.8 million euros in the corresponding period in 2018.

Thankfully, at the group level, losses after-taxes stood at 274.8 million euros in H1 2018, half the losses from the first half of 2018, which exceeded half a billion euros (533.9 million euros).

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