Athens Water Profit Rises Four-Fold, Helped by Tax Rate Change

Athens Water Supply & Sewage Co. SA reported first-quarter profit of 25.7 million euros ($33.4 million), 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 euros a year ago as the company proposed a 15 euro cents per share dividend. The shares have risen 18 percent this year, including as much as 3.5 percent today after the results.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Randall Hackley at rhackley@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.