Greek PPC Renewables Posts Higher 2013 Profit

Greece-based PPC Renewables’ 2013 net profit improved to EUR 7.9 million (USD 11m) from EUR 7.6 million a year ago, the financial report of its parent Public Power Corp (ATH:PPC) showed today.

The subsidiary, which operates wind, small hydroelectric, solar and geothermal power plants, saw its earnings before interest, tax, depreciation and amortisation (EBITDA) grow to EUR 15.4 million from EUR 13.7 million even though the EBITDA margin weakened to 54.2% from 56.3% in 2012.

The full-year revenues for PPC Renewables rose to EUR 28.4 million from EUR 24.3 million.

As for the parent group, PPC reported a pre-tax net profit of EUR 34.9 million for the past year, as compared to EUR 106.7 million in 2012. Revenue remained flat at EUR 5.97 billion.

Source: SeeNews