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|
|EBITDA margin (%)||19.6%||57.5%|
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)