Apa Nova profits shrink

Apa Nova Bucharest, the company that was granted concession of the water distribution and sewage services in the Capital, posted a net profit worth 12.3 million euros at the end of last year, according to international accounting standards, 10% lower than in 2004. “The financial year confirms the company’s results, especially those of the main indicators, with the EBITDA standing at 30.5 million euros and the operating income at 13.8 million euros,” stated company representatives. “These results have, however, been affected by RADET (the heating provider in Bucharest) not paying its sewage-related bills, a situation which, due to the shortage of liquidities it creates, makes it increasingly hard for the company to attain the required level of services,” specified the quoted sources. Compared with 2004, Apa Nova posted 1.74 million-euro financial losses at the end of last year, which led to a drop in the company’s net profit.