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22ndannualcapital

PPC Profits Soar

Today, Public Power Corporation reported that its pre-tax profits soared to 109.3 million euros in 2014's first quarter, compared to 45.1 million euros in last year's timeframe.

PPC determined that the improvement amounts to the introduction of a natural gas price discount, that was administered in the last six months of 2013, and a 21.3 million euro return by Mytilineos Group member Aluminium. Without these elements, pre-tax strides would amount to 64.8 million euros in the time period.

According to ANA-MPA, PPC Chairman and Chief Executive Arthuros Zervos described the results, "...in a difficult economic environment, PPC's strategic options and measurable achievements strengthened its credibility and its outlook, a fact reflected in S&P's decision to upgrade PPC's credit rating by three notches from CCC to B".