Tallinna Vesi
AS Tallinna Vesi’s half-year profit decreased by 4 per cent
Tallinna Vesi / Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- AS Tallinna Vesi's profit-before-tax decreased by 4 per cent to 172,9 million kroons in the first six months of 2009, the company's sales revenues increased by 3,6% to 381,7 million kroons. AS Tallinna Vesi's chairman of the management board Ian Plenderleith said that the fall in profit was due to the payment of a one-off financial cost that was necessary to secure the financing for the comprehensive network extension program during 2008 to 2010. “The Company repaid and fully refinanced the loan of EBRD due to the need to finance the extensive network extension program and related investment outflows until 2011,” specified Plenderleith. Over 19 kilometres of sewerage pipe have been laid during the first six months of the year, forming a half of the volume planned for 2009. The Company invested 85,5 million kroons during the six months, including 62,2 million kroons into the development and expansion of water and sewerage networks. Sales volumes of water and sewerage services decreased in all customer segments, especially in the commercial customers group. „The lower sales volumes in the commercial customer segment are indicative of general cost-saving measures or smaller production volumes,“ noted Plenderleith. The Company's profit-before-tax was 172,9 million kroons in the first half of the year, 4 per cent behind the first half of 2008 and the Company's net profit was 111,8 million kroons in the first six months, decreasing by nearly 2 per cent compared to the first half of 2008. The water quality in Tallnn has been on the best level ever, as 99,7 per cent of the water samples taken at the customer's tap met the required standards. The level of leakages has been reduced to 16,7 per cent thanks to new technologies, meaning that the daily water loss has been reduced by 12,000 m3 since 2002, nearly equal to the daily water production in Tartu. The Company has concluded the agreement with AS Maardu Vesi to rent the Maardu water utility's assets, eventually granting the residents of Maardu access to clean drinking water and wastewater treatment that meets Europan Union requirements. Tallinna Vesi has been operating the assets of AS Maardu Vesi since 1st of July 2009. Priit Koff Head of Communications priit.koff@tvesi.ee +3726262209 News Source: NASDAQ OMX 17.07.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Tallinna Vesi Estonia Phone: Fax: E-mail: Internet: ISIN: EE3100026436 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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