There has been a spectacular increase by 84,89% in the after tax profits of EYATH SA in the first nine months of 2008 in comparison with the respective fiscal period of last year reaching 11,389 million Euros, thus increasing by 84,89%.
Pre tax profits have reached 15,621 million Euros this year compared to 8,656 million Euros in the first nine months of 2007, thus increasing by 80,46%.
Gross profits have reached 23,616 million Euros in the first nine months of 2008 compared to 15,573 mil Euros in the first nine months of 2007 thus increasing by 51,65%.
Furthermore, the Company?s turnover has reached 55,923 million Euros, increased by 12, 49% in comparison with last year's amounts in the respective fiscal period.
Earnings per stock have reached 0,3138 Euros this year in comparison with 0,1697 Euros in the first nine months of 2007 thus increasing by 84,9%, while cash holdings reached 14,354 million Euros, increased by 40,38% in comparison with the amounts of last year.
We would like to note that EYATH is in the 14th consecutive trimester which presents an increase in sales and profit and the 3rd consecutive trimester where we see a decrease in cost of sales. The enhanced profit can be attributed to the rationalization and the effective, no longer mere restraint, but reduction of expenses. Therefore, the cost of sold services from 34,141 million in the first nine months of 2007, has reached 32,307 million Euros in the first nine months of 2008, thus decreasing by 5,37%. More particularly, the maintenance cost of water supply and sewerage systems networks and facilities in the first nine months of 2008 decreased by 41,03% in comparison with the respective period of 2007.
Cost reduction was achieved thanks to the constant effort for rationalization of expenses and reduction in cost of production. Therefore, there has been a drastic reduction in all operation, maintenance and repair of networks and facilities invoices.
Indicatively we mention:
- Operational cost of facility for the processing of raw sewage (Biological Sewerage Treatment Facility- Sindos): cost today 165.000 Euros per month, from 288.000 Euros per month, a decrease of 43%.
- Operational cost for the drinkable water distillery: cost today 157.000 Euros per month from 253.000 Euros per month, a decrease of 38%.
- Repair cost for the malfunction in the Directorate's water network of, a decrease of 73%.
- Repair cost for the malfunction in the sewerage system, a decrease of 59,75%.
Respectively, in the three-year period 2005-2008 we can see a significant improvement in the financial results. In particular, turnover has increased by 48,17%, gross profit by 117, 35%, pre tax profits by 358, 21%, while after tax profits increased by 437, 19%. It should also be noted that compared to the four year period 2004-2008 results the difference is substantial as turnover increased by 51,48%, gross profit increased by 101,86%, pre tax profits by 482,66%, while after tax profits increased by 692,55%.
Finally it is noted that, since 2005 EYATH does not receive any kind of government funding while it used to receive significant funding in the past (9 million Euros in 2002, 6 million Euros in 2003 and 3 million Euros in 2004). It is also noted that EYATH?s invoicing policy, that is the re adjustment of the water supply and sewerage invoices, has been approved since 2006.