PPC profits fall on unpaid bill provisions

Greece’s main power utility Public Power Corporation (PPC) reported a lower-than-expected nine-month net profit, hit by hefty provisions for unpaid bills as a result of capital controls imposed in the country in June.

A higher corporate tax that Greece imposed as part of fiscal measures agreed with its international lenders also weighed on the electricity company’s bottom line.

PPC, which is 51 percent state-owned, said net profit dropped 95 percent to 5.9 million euros for the first three quarters of the year.

[Reuters]