Bloomberg News

Tallinna Vesi 3rd-Quarter Profit Drops 27% on Asset Revaluation

October 28, 2011

Oct. 28 (Bloomberg) -- AS Tallinna Vesi, a utility that supplies water to Estonia’s capital, said third-quarter profit declined 27 percent due to a revaluation of financial assets.

Net income fell to 4.4 million euros ($6.2 million) from 5.9 million euros a year earlier, the company said in a statement to the Tallinn stock exchange today. Revenue rose 3.7 percent to 13 million euros.

Financial expenses rose to 3.1 million euros from 760,000 euros a year earlier, as the company cut the fair value of interest-swap agreements.

--Editors: James Kraus, Balazs Penz

To contact the reporter on this story: Ott Ummelas in Tallinn at

To contact the editor responsible for this story: Balazs Penz at

The Good Business Issue
blog comments powered by Disqus