Swedish state owned companies slow down in performances but the finance minister does not fear any hazard for the economy
Wednesday, 23 November 2011
Profits have continued to decline in Swedish state-owned companies companies. Their overall performance declined in the third quarter by 13 percent, meaning a fall of 26 percent for the first nine months of this year.
According to a compilation of results of the larger, state-owned companies which various Swedish news source have seen, the decline could mean a reduction in dividends to the Treasury. This year, it is reported that state obtained some Skr38.5 billion in dividends from their companies, according to the 2010 results
AdvertisementEnergy giant, Vattenfall, which has historically been a real cash cow for the government, is reported to have recorded the biggest fall in the profits. Profit before tax for the first nine months dropped by almost Skr10 billion, mainly due to Germany's decision to phase out nuclear power in the country.
The statement refers to the results before tax of 27 of the largest, state-owned companies. Also the listed companies that are co-owned by the State, with a share of income corresponding to state ownership. The same applies to the Swedish-Danish postal services PostNord, which is the Swedish Posten's parent company.
Finance Minister, Anders Borg is currently not worried about that it can mean lower profits for the treasury.
As it looks now, and following developments on a monthly basis, it is well right to what we expected. It is well in line with or possible slightly stronger than we anticipated, so we have no budget fears today, according to Anders Borg.
By Scancomark.se Team
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