Greek water companies report drop in profit

The Athens Water Supply & Sewage Company (EYDAP) reported first-quarter profit fell 79 percent as a one-time tax gain at the largest Greek water supplier wasn’t repeated while net income also declined at the Thessaloniki Water & Sewage Co.

Net income at the Greek capital’s water utility dropped to 5.5 million euros from 25.7 million in the same period of 2013, it said on Friday in an Athens bourse filing.

Profit fell 12 percent to 5.7 million euros even though sales rose at Thessaloniki, Greece’s second-biggest water utility.

Revenue from EYDAP dropped to 70.7 million euros from 73.1 million a year earlier while earnings before interest, taxes, depreciation and amortization slid to 8.4 million euros from 17.4 million, it said.

Net income in the first quarter last year benefited from a 20-million-euro increase in the value of a deferred tax asset, according to EYDAP’s statement.

[Bloomberg]