SAO PAULO, May 14 /PRNewswire-FirstCall/ -- Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP (NYSE: SBS; BM&FBovespa: SBSP3), one of the largest water and sewage services providers in the world based on the number of customers, announces today its results for the first quarter 2010 (1Q10).
In 1Q10, net operating revenue reached R$ 1.8 billion, 6.0% growth compared to 1Q09. Costs and expenses in the amount of R$ 1.0 billion decreased 13.3% versus 1Q09. EBITDA was R$ 862.4 million in 1Q10 and R$ 623.6 million in 1Q09, an increase of 38.3%.
EBIT grew 55.5%, from R$ 462.0 million in 1Q09 to R$ 718.5 million in 1Q10.
The 1Q09 results were particularly impacted by the accounting of a non-recurring expense of R$ 146.6 million, corresponding to the amounts payable to retiring employees under the Conduct Adjustment Term (TAC) between 2009 and 2011. Excluding the effect of TAC in 1Q09, EBITDA would be R$ 770.2 million from R$ 623.6 million with margins from 37.7% to 46.6%. Even excluding this effect, 1Q10 EBITDA margin surpassed the 1Q09 margin.
The complete version of the release is available at the Company's website: http://www.sabesp.com.br/
Conference Call in English May 21, 2010 4:30PM (Brasilia) / 3:30PM (U.S. EDT) Dial-in access: 1 (412) 858-4600 Conference ID: Sabesp Conference Call in Portuguese May 21, 2010 2:00PM (Brasilia) / 1:00PM (U.S. EDT) Dial-in access: (55 11) 2188-0155 Conference ID: Sabesp Live webcast at: http://www.sabesp.com.br/ IR Contacts: Mario Arruda Sampaio: (55 11) 3388-8664 (maasampaio@sabesp.com.br) Angela Beatriz Airoldi: (55 11) 3388-8793 (abairoldi@sabesp.com.br)
SABESP
CONTACT: Investors, Mario Arruda Sampaio, +011-55-11-3388-8664,
maasampaio@sabesp.com.br, or Angela Beatriz Airoldi, +011-55-11-3388-8793,
abairoldi@sabesp.com.br, both of SABESP
Web Site: http://www.sabesp.com.br/
