The drop in profits followed a fall in revenue on year, which in turn was linked mainly to reduced tariffs, and also to lower levels of commercial consumption in the wake of the pandemic.

AS Tallinna Vesi sales revenues fell 18.3 percent on year to Q4 2020 and totaled €13.17 million, the company informed the Tallinn Stock Exchange, while net profits for the full year fell 39.7 percent, compared with 2019, to €16.7 million.

Sales revenue for the whole of 2020 dropped 18.5 percent, to €51.7 million, the company says.

The coronavirus crisis also had its negative impact on the construction sector in Tallinn, with many projects being postponed, in turn affecting Tallinn Vesi's business by causing a downturn in water and wastewater connections activity, the company says.

Sales revenues from construction services fell 31.1 percent to €3.1 million in Q4 2020, largely resulting from reduced revenues from pipeline construction services, though this was partly offset by higher road construction revenues, the company says.

Tallinna Vesi serves the capital itself; settlements outside city limits but part of the conurbation, such as Viimsi, are often supplied by municipality-controlled water companies.

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