PPC swings to profits in year’s first quarter

Greece’s main power utility Public Power Corporation (PPC) said on Thursday it had swung to profit in the first quarter on the back of lower energy costs. 

The utility reported net profit of 51 million euros for the January-to-March period versus a loss of €186 million last year. 

Lower expenditure for the purchase of carbon emissions, gas and other types of energy boosted results, PPC said. 

The company expects full-year earnings before interest, taxes, depreciation and amortization (EBITDA) of close to €1.2 billion, overshooting its target of €1.1 billion, Chief Executive Officer George Stassis said. [Reuters]