PPC sees profit jump as provisions fall

Greece's leading power utility Public Power Corporation (PPC) reported a sharp rise in nine-month net profit on Wednesday due to a sharp drop in provisions to cover the cost of bills left unpaid by customers hit by years of economic crisis.

The country's biggest power producer and electricity supplier has been severely hit by soaring provisions for this debt - estimated by market analysts at more than 2 billion euros - as unpaid bills accumulated from Greeks hit by seven years of austerity-induced recession.

The company said net profit in the nine months to September rose to 69.5 million euros from 5.9 million euros in the same period last year.

Provisions for unpaid bills fell to 387.7 million euros in the nine-month period compared to 603 million euros in the same period.

The rise in profit was "mainly due to the sharp fall in provisions for unpaid bills,"...

Continue reading on: