Italy-based water and gas distributor Iride has reported a 7% decrease in revenue to E1.2 billion for the first half of 2007, while operating profit for the period reached E117 million, an increase of 19%. Furthermore, profit before tax amounted to E95 million, representing a 10% increase.
Meanwhile, gross operating profit grew by 13% or E19 million, reaching E176 million compared to the first half of 2006. This result was due to the contribution of hydroelectric production, the integrated water service, and increased profits from the sale of electrical energy, which more than offset the decrease in gas and heat distribution due to the mild weather over the winter months.
Moreover, the group’s gross operating profit also recorded increased, non-recurring, operating costs totaling E4 million, regarding staff leaving incentives for employees. The reduction in staff is expected to result in financial benefits starting from the second half of 2007.