H1 profit falls 33% for PPC Renewables of Greece

Wind farm in Greece. Author: Gamesa. License: All Rights Reserved.

September 26 (Renewables Now) - PPC Renewables SA, a unit of Greek utility PPC SA (ATH:PPC), on Tuesday reported a 33.3% year-on-year drop in net profit to EUR 1 million (USD 1.2m) for the first half of 2018.

According to the website of PPC Renewables, the subsidiary operates power plants with a combined capacity of 153 MW -- approximately 82 MW of wind power capacity and about 70 MW of small hydroelectric power plant (HPPs). The photovoltaic parks (PV) of PPC Renewables have a combined installed capacity of 1.32 MW.

Details on its performance in the year are in the table, as reported by parent company PPC.

Results in EUR million (unless otherwise noted) H1 2018 H1 2017
Revenue 11.9 11.5
EBITDA 2.3 6.6
EBITDA margin (%) 19.6% 57.5%
Pre-tax profit 3.0 2.9
Net profit 1.0 1.5

Meanwhile, the group reported a 216% year-on-year jump in earnings before interest, tax, depreciation and amortisation (EBITDA) to EUR 284.4 million (USD 334.5m) on a turnover of EUR 2.2 billion, down 6.8% due to a market share loss and the reduction in electricity demand. The EBITDA result excludes a one-off impact from the provision for personnel’s severance payment amounting to EUR 151.2 million. The group results also take into consideration the spin-off of the lignite subsidiaries in 2018 and the sale of IPTO in 2017.

The Greek company also reported a 75% (1,297 GWh) increase in hydropower generation, due to extremely high hydro inflows to the reservoirs of its HPPs.

(EUR 1 = USD 1.18)

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