EYATH says net profits up 76 pct in H1

Thessaloniki Water Company (EYATH) on Friday said net earnings increased by more than 76 pct in the first half of 2017, with steady turnover and no tariff increases or “rebates” in its social policy, but with additional discounts on those affected by the frost and a significant increase of relative settlements.

In particular, according to the interim financial statements for the first half of 2017, turnover was at the level of 37.7 million euros, compared to 37.8 million euros for the same period of the previous year (a decrease of 0.20 pct). Gross profit for the period amounted to 16.95 million euros against 15.9 million euros in the previous period, recording an increase of 6.64 pct.

Group’s pre-tax profits for the same period amounted to 14 million euros, compared with 10.7 million euros of last year, an increase of 31.22 pct, while after tax profits stood at 9.7 million euros, from 5.49 million euros, recording an increase of 76,58 pct. In addition, cash in 30 June 2017, stood at 71 million euros against 56.7 million of last year, an increase of 25.68 pct. The increase in cash to such a level, is due to the payment of the dividend after the end of the first half of the year 2017.

Professor Yannis Krestenitis, chairman and CEO in EYATH, commenting on the results said it was obvious that the company has the ability and will to implement an investment and business plan worth 165 million euros by 2023 in order to build and expand a water processing facility in the city of Thessaloniki.