Greece’s PPC/DEH Q1 profit seen falling 33%

PPC/DEH, Greece's dominant electricity producer, is expected to post a sharp profit drop for the first quarter on Tuesday, weighed down by bad-debt provisions and higher fuel and energy purchase costs, a Reuters poll showed.
The state-controlled company's profit was seen at 62.1 mln euros ($77.7 mln), compared with a 93.3 mln profit in the same period the previous year, according to the average forecast of six banks and brokerages.
The estimates, however, ranged from 4.6 mln to 175 mln euros. Analysts expect PPC's higher costs to have outweighed an increase in its regulated electricity prices.
PPC shares have shed 62% this year, underperforming a 29% decline in the benchmark Athens stock index.
The shares trade at 2.3 times expected 2012 earnings, compared with 7.5 times for French state-controlled utility Electricite de France.