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Vattenfall return to profit

Tuesday, 31 July 2012
The Swedish state energy group, Vattenfall reports a net profit of Skr877 million for the second quarter. The corresponding period last year, they reported a loss of Skr3.235 million.

Sales fell to Skr36.703 million, from Skr40.443 million a year earlier.
"The market outlook for demand and electricity prices remain weak, which puts pressure on our earnings. We meet the continued streamlining of our operations and processes as well as widening and improvement of our offerings, "writes CEO ōystein LÝseth, commenting on the report.

"Operating income for the second quarter and first half of 2011 were negatively impacted by impairment losses and increased provisions totalling Skr10.2 billion due to Germany's decision to phase out nuclear power," writes Vaterfall.

Lower electricity prices, especially in the Scandinavian market, has had a negative impact on Vattenfall's operating profit my Skr1 billion.

Cost reduction program is ahead of plan and goal is to achieve annual savings of Skr6 billion at the end of 2012. that will be one year earlier than originally planned. On 30 June, Skr5 billion in cost reductions was achieved.
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