Cyprus Mail
Business

EAC profit rises to €62.4m on cheaper fuel

State-owned power company EAC said it generated a €62.4m profit last year, compared to €42m in 2014, mainly on cheaper fuel.

Overall revenue last year dropped to €630.5m, from €776.3m in 2014, while expenditure fell to €552.6m, from €716.6m, EAC said in an emailed statement on Friday.

Revenue from the sale of electricity fell €144.3m last year to €576.8m, compared to 2014. The cost of fuel dropped more than one-third, or €158.4m, to €288.6m.

Salaries and employer contributions rose an annual 5.2 per cent, or €4.7m to €89.7m, in 2015, the electricity company said.

Total electricity sales rose an annual 3.1 per cent in 2015, to 4,036,082 MWh, mainly on a 4.9 per cent and 1.8 per cent increase in consumer and commercial consumption — 1,475,972 Mwh and 1,659,588 Mwh respectively.

Industrial consumption rose 4.5 per cent, to 685,864 Mwh, while farming and street lighting reduced their power consumption by 4.6 per cent and 0.1 per cent, to 129,447 Mwh and 85,211 Mwh respectively.

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