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.
According to the company, 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.
Vattenfall 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 uncertainty in the general operating environment. 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.”
Vattenfall’s core business is to produce and provide electricity and heat to our customers throughout Europe. It generates, distributes and sells electricity and heat, both to private households and industrial customers. The company also provides energy services, operation and maintenance services, advanced consultancy and add-on services.