Welsh Water's profits have fallen by £9 million in the last year. The company says it is due to increase in investment in the business.
Before tax, the company made a profit of £25 million, down from the £34 million it made last year.
In it's annual results, Welsh Water Dwr Cymru said it had invested £153 million in capital projects in the six months to September 2012 - £40 million more than the same period last year.
Welsh Water has been owned and managed by the not-for-profit company since 2001.
Glas Cymru Chairman, Bob Ayling, said: “I am pleased to report a period of further progress in achieving our objectives; to deliver the best possible outcomes for customers by supplying drinking water of the highest quality and safeguarding the environment, at least cost."
More top news
Heavy rain likely across some of the hills and western slopes in particular.
Kyle Vaughan was last seen on 30th December 2012. His parents Alan and Mary say all they want for Christmas is to lay him to rest.
People in Wales are being forced to take temporary work as there are too few permanent jobs being created, according to Wales TUC.