Greek state-controlled utility Public Power Corp. SA Friday swung to a net loss in 2011 on slumping demand and increased competition from rival power producers eating into its market share.
MAIN FACTS:
-Net loss for the 12 months to December 31 EUR148.9 million (2010: Profit EUR557.9 million)
-Earnings before interest, taxes, depreciation and amortization, or Ebitda, EUR769.4 million (2010: EUR1.5 billion)
-Revenue EUR5.51 billion (2010: EUR5.81 billion)
-Revenue from energy sales: EUR4.88 billion, down 6.8% year-on-year.
-Total operating expenses EUR4.74 billion, up 10.0%
-Payroll expenses EUR1.1 billion, down 11.7%
-Total fuel expenses EUR1.27 billion, 13.0%
-Outlays for energy purchases: EUR1.06 billion (2010: EUR650.5 million)
Chairman and Chief Executive Arthouros Zervos said the upcoming tariff hikes and cuts in the company’s wage bill would help support 2012 earnings, but warned of “significant risks” stemming from Greece’s recession ravaged economy.
(source: market watch)
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