EYDAP: 51.4% increase in profits in 2013

Profit after taxes for EYDAP in 2013 rose by 51.4% to 78 million euros from 52 million euros in 2012 after being positively affected by the deferred taxation due to the increase in tax rate from 20% to 26%.

Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 84 million euros from 114 million euros in 2012. Earnings before taxes (EBT) amounted to 62 million euros from 68 million euros in 2012 (-9.2%).

Following this development EYDAP will propose to the general meeting of its shareholders a dividend equal to 50% of 2013net profits, amounting to 38 million euros (0.36 euros per share) and the distribution of untaxed income, 2 million euros (0.02 euros per share). The total amount to be distributed will reach 40.5 million euros.

The company's turnover last year amounted to 336 million euros from 353 million euros in 2012, driven mainly by the difference of 9.2 million euros of the amount provided for in JMD D6/2476/3.12.2013 (Government Gazette 3065).

According to the announcement, without the above reduction, turnover would be reduced by 8 million euros (-2.3%) due to lower revenues from water supply and related services, 6.6 million euros (-2 8%) and revenue from sewerage services, 4.7 million euros (-4.1%). Revenues from selling electricity increased by 2.7 million euros. The cost of sales for the company declined in 2013 by 12 million euros and stood at 191 million euros against 203 million euros in 2012 (-6.0%).