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

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May 31 (Bloomberg) -- 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.

Link to Company News: {EYDAP GA <Equity> CN <GO>}

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

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