ECONOMY

Athens water supply 9-month profit falls 45 pct on lower charges

Athens Water Supply & Sewage Co. SA, Greece’s largest water provider, said 9-month net income fell 45 percent to 41 million euros ($51.1 million) from a year earlier as it charged less to those with lower income.

Sales at the Greek capital’s water utility slid to 246 million euros in the first nine months from 264 million euros in the same period in 2013 after the company applied lower tariffs as part of its social policy, Athens Water said Friday.

The company said in the bourse filing that the results weren’t comparable with figures from the same period last year due to a deferred tax gain of 20 million euros in 2013.

The utility’s earnings before interest, taxes, depreciation and amortization were 74 million euros compared with 83 million euros the previous period. Short-term liabilities were unchanged at 83 million euros at the end of September, Athens Water also said. [Bloomberg]