BUSINESS

Athens water utility's net income falls to 15.6 mln euros

The Athens Water Supply and Sewerage Company’s (EYDAP) first-half net income fell to 15.6 million euros from 33.9 million in the same period of 2013, according to its financial statement published on Friday.

Sales at the Greek capital’s water utility dropped to 151.8 million euros from 161 million in the first half of 2013 after the company introduced lower tariffs for consumer customers and as the demand for water fell, EYDAP said in a statement on its website.

Earnings before interest, taxes, depreciation and amortization stood at 32.6 million euros compared with 39.5 million, the company said.

Short-term borrowings amounted to zero on June 30 compared with 123.7 million euros on the same day of 2013 after the Greek state and local government authorities settled outstanding bills, EYDAP said.

[Bloomberg]

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