ECONOMY

Greece’s EYDAP sees Q1 profit surge to 25.7 mln euros

Athens Water Supply & Sewage Co SA (EYDAP) reported first-quarter profit of 25.7 million euros on Friday, four times the 6.3-million-euro profit of a year earlier, helped by a change in the corporate tax rate.

A statement on the website of Greece’s largest water utility also showed revenue slipped to 73.1 million euros from 76.1 million a year ago as the company proposed a 15-cents-per-share dividend.

The shares have risen 18 percent this year, including as much as 3.5 percent yesterday after the results.

On Thursday Thessaloniki Water Supply & Sewage Co SA, Greece’s second-biggest water utility, had reported a net income of 6.5 million euros in the first quarter compared with a 6.3-million-euro profit in the same period a year earlier, according to a statement on the Athens Exchange.

[Bloomberg]