Electricity sales were slightly higher than in the same period of 2007, while consumer prices for gas and electricity were lower. Excluding incidental items, net turnover was E1.8 billion, compared to E1.74 billion for the same period in 2007, an increase of over 3%.
Nuon reported that net profit fell from E318 million in the first quarter of 2007 to E245 million in 2008. In the first quarter of 2008, lower trading revenue and increased purchasing costs led to a drop in margins, in comparison with the first quarter of 2007.
Nuon noted that, in the first quarter of 2008, lower margins on electricity generation, a decline in trading results and higher purchasing and operating costs, including marketing costs, led to lower results in comparison with the first quarter of 2007.
Oystein Loseth, Nuon’s chairman, said: With a net profit of E245 million, the figures in this quarter are lower than the first quarter of 2007, but that was actually an exceptionally good quarter in which we were able to benefit from particularly favorable market developments. We kept the focus on our customers and at the same time made progress in the radical operation that will make our organization ready for unbundling.
