ATHENS (Reuters) - Greek power utility Public Power Corp (PPC) said on Wednesday that it will repay a bond due next month and that its operations and spending plan will continue smoothly.
Shares in PPC, which is 51 percent state-owned, tumbled 18 percent on Wednesday after the utility posted a bigger than expected 2018 loss of 542 million euros ($608 million) on Tuesday.
Analysts cited weak results and an auditor's report noting "material uncertainty" due to declining revenues, significant pre-tax losses and increased liabilities for Wednesday's losses.
PPC last week signed a 200 million euro syndicated loan with Greek banks to help repay a 350 million euro bond due on May 1.
In a statement on Wednesday, it said that it has already made a deposit to repay the holders of the bond.
It added that it has taken all necessary measures "for the seamless continuation of the group's operations and the full implementation of its investment plan of 792 million euros in 2019."
Those measures included financing of 677 million euros this year that it has already secured and prepayment for electricity supplies from state entities worth 550 million euros, which was collected in March.