November 3, 2008
Vattenfall’s Q3 Consolidated Net Sales Up 17%
Swedish power utility Vattenfall has reported consolidated net sales of SEK37.02 billion for the third quarter of 2008, a 17.2% increase compared to SEK31.59 billion for the same period of 2007.
Third quarter operating profit grew 17.5% to SEK5.59 billion, compared to SEK4.76 billion for the same period of 2007. Operating profit for the company's Central Europe business group fell 17.9%, mainly due to lower electricity generation and higher costs for CO2 emission allowances.The company reported consolidated after-tax profit of SEK2.48 billion for the third quarter of 2008, a 29.6% decrease compared to SEK3.52 billion for the same period of 2007. Total electricity generation in the third quarter decreased by 5.4% to 35.3TWh, compared to 37.3TWh for the same period of 2007.
Lars Josefsson, Vattenfall's CEO, said: "The turmoil in the financial markets has led to greater uncertainty in the general operating environment. However, it has not affected Vattenfall's earnings. Our liquidity situation remains favorable, and we do not have any immediate borrowing needs. We have strict and clear rules for managing liquidity, financing and credit risks."