December 21, 2017 / 9:03 AM / 6 months ago

Public Power Corp. nine-month profit drops 66 percent

ATHENS, Dec 21 (Reuters) - Public Power Corp. (PPC) , Greece’s dominant power utility, posted on Thursday a 66 percent drop in nine-month net profit, hurt by an energy crisis earlier this year.

The utility, which is 51 percent owned by the state, said net profit came in at 23.8 million euros ($28.26 million) in the nine months to September, down from 69.5 million euros in the same period a year ago.

A one-off gain of 172.2 million euros from spinning off state grid ADMIE earlier this year, was partly offset by costs to deal with a power supply crisis in the early months of this year and to cover a deficit for a renewable energy account.

$1 = 0.8422 euros Reporting by Angeliki Koutantou

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