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Greece’s Two Biggest Water Companies Report Drop in Profit

May 30 (Bloomberg) -- Athens Water Supply & Sewage Co. reported first-quarter profit fell 79 percent as a one-time tax gain at the largest Greek water supplier wasn’t repeated while net income also declined at Thessaloniki Water & Sewage Co.

Net income at the Greek capital’s water utility dropped to 5.5 million euros ($7.5 million) from 25.7 million euros in the same period of 2013, it said today in an Athens bourse filing. Profit fell 12 percent to 5.7 million euros even though sales rose at Thessaloniki, Greece’s second-biggest water utility.

Revenue from Athens’s water provider dropped to 70.7 million euros from 73.1 million euros a year earlier while earnings before interest, taxes, depreciation and amortization slid to 8.4 million euros from 17.4 million euros, it said.

Net income in the first quarter last year benefited from a 20 million-euro increase in the value of a deferred tax asset, according to Athens Waters’s statement. The shares of both companies on the Athens bourse were little changed today.

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

To contact the editors responsible for this story: Randall Hackley at rhackley@bloomberg.net; Marco Bertacche at mbertacche@bloomberg.net; Jerrold Colten at jcolten@bloomberg.net Tony Barrett

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