LISBON: Portugal ‘s state owned water company EPAL stated that its net profit increased around €54 million in 2014.Following the recent approval of the financial report and accounts for last year by the General Assembly, the statement described the result as “the best in the 147 year history of the company.”
“The excellent business performance attained in 2014 came about despite a reduction in the business turnover of €1.1 million (down 0.8 percent) due to the result of implementing the management policies designed to boost control, efficiency and optimization that brought about a cut in costs of €9.5 million (down 10 percent) on the previous year,” the group statement continued.
Among the other figures getting highlighted in the statement was the 9.5 percent cut in supplies and other services with the €3 million savings compounding an overall 17 percent reduction in costs in the triennial since 2012.
Last year, investment of €16 million focused “essentially on strengthening the guarantee of reliability and safety of supply systems,” said EPAL before adding that the €18 million in outstanding debts represented a nine percent year-on-year fall with the last triennial seeing the company hack off 22 percent of its debt mountain and paying off €52 million in the process.
