AS Tallinna Vesi´s sales increased year-on-year

The Group’s total sales during the 1^st quarter of 2018 increased by 2.1% to 14.08 million. Group’s net profit was EUR 6.53 million, showing an increase of 2.7% year-on-year.

Increase in sales was mainly related to higher revenues from water supply and waste water disposal services. Sales to private customers increased by 1.3% and sales to corporate customers by 1.6%. The gross profit of the company was EUR 8.32 million in the 1^st quarter of 2018, showing an increase of 1.4%.

Due to higher methanol price and usage, the chemical costs were EUR 102 thousand higher. This was balanced by the savings in electricity and other direct production costs, resulting in a total saving in direct production costs of EUR 13 thousand.

The operating profit for the first quarter was EUR 6.80 million, showing an increase of 4.8% or EUR 0.31 million. Higher staff costs were balanced by lower legal fees. Legal fees will impact the Company’s costs till the end of all main disputes. Tallinna Vesi still awaiting the final verdict from the International Arbitration.

The Group’s net profit for the 1^st quarter of 2018 was EUR 6.53 million, being 2.7% or EUR 0.17 million higher than for the 1^st quarter of 2017. Eliminating the effects of the change of the fair value of swap contracts the Group’s net profit for the 1^st quarter of 2018 and 2017 would have been EUR 6.45 million and EUR 6.11 million respectively, showing an increase of 5.6% or EUR 0.34 million year-on-year.

Eliis Vennik
Head of Communications
Tallinna Vesi
(+372) 626 2275
Eliis.vennik@tvesi.ee