Despite revenues up over 23 MTD in one year, net earnings of SONEDE (National Water Operation and Distribution Company) for the year 2010 showed a deficit of 36.436 MTD.
This deficit was already clearly visible at the level of the operating result (-28.142 MTD in 2010 against -44.373 MTD in 2009), crippled by the very high burden of staff representing over 50% of its revenues (126.7 MTD out of 236.6 MTD of revenues).
To this, is added the financial burden of 10.394 MTD. At the end of 2010, cash flow in SONEDE was negative with over 27.7 MTD. It is unfortunate that the company does not publish the report of its auditor!