Financial picture darkens for Public Power Corp

Electricity utility Public Power Corporation posted significant year-on-year declines of 45.9 percent in profits and 8.5 percent in turnover in the first half of 2016, according to the financial figures it released on Wednesday.

This reflects the reduction in its retail market share through the strengthening of the competition, and the impact of its discount policy for consistent customers.

PPC chief Manolis Panayiotakis estimated that this reduction will continue in the future due to the commitments the country has made to its creditors.

Revenues from the sale of power posted a 10.5 percent annual drop in H1 to 2.53 billion euros.