Public Power (DEI) makes €127m in half-year profit
Rate increase in cost of electricity offsets fall in sales
EnetEnglish.gr, 12:02 Friday 30 August 2013 Updated At: 12:10 Friday 30 August 2013
Although electricity sales fell by 1.9%, revenue increase by 1.9% due to an increase in electricity rates
A DEi power plant (File photo)
A DEi power plant (File photo)The Public Power Corporation (DEI) on Thursday reported improved profits in the first half of the year, with pretax earnings soaring to €170.2m, from €52.5m on the same period last year, and net profits jumping to €127.1m, from €22.9m, over the same periods, respectively.
Although electricity sales fell by 1.9%, revenue increase by 1.9% due to an increase in electricity rates.
Turnover grew 0.4% to €2.951bn in the six-month period.
Electricity demand fell by 3.5% in the first six months of the year, with demand falling by 2% in the second quarter after a 4.9% drop in the first quarter.
DEI said hydroelectric production rose and production from alternative energy sources by third parties rose significantly, raising their share in the country's energy mix to 14.3% from 9.8% last year.
Spending on liquid fuel, natural gas and electricity energy fell by 17% from January to June period, while spending on CO2 emission rights totalled €106.2m.
DEI also said payroll costs fell by 1.9% in the first six months of the year.
Bank profit up
Meanwhile, the National Bank of Greece, the country's largest lender, says a strong performance by its Turkish subsidiary helped boost profits to €344m in the first six months of the year, after deep losses a year ago.
NBG said on Thursday its Turkish Finansbank unit recorded a 30% increase in first-half profits to €332m.
The bank also said its overall provisions for bad loans fell from €1.2bn a year ago to €853m in January-June.
In the first half of 2012, NBG recorded losses of €1.9bn.
In June, the bank succeeded in raising enough capital to avoid being nationalised under a €50bn rescue fund for the country’s lenders set up with international bailout cash.
However, despite the bank recapitalisation programme, a study published on Tuesday warned that some 40,000 small businesses across the country are likely to close in the second half of 2013 at a cost of up to 90,000 jobs.
ANA-MPA, EnetEnglish