São Paulo state water utility profits drop amid higher expenses
São Paulo state water utility Sabesp saw a decline of 58.4% in its net profit in the second quarter, as its expenses increased more than revenues in the period.
The company posted a net profit of 331.8mn reais (US$104mn) in the second quarter, down from 797.5mn in the second quarter of 2016.
Sabesp net revenue increased just 1.6% in the period to 3.49bn reais. Meanwhile, the company's expenses - including construction costs - picked up 5.1% in the second quarter to 2.75bn reais.
The level of water loss increased in the period, according to the IPM index which measures water loss as a percentage, increased to 31.5% in the second quarter, up from 30.7% in the year ago period.
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