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Swedish state owned energy company, Vattenfall failed to present positive report
Tuesday, 30 October 2012The Swedish state-owned energy giant Vattenfall reported a loss before tax of Skr3.57 billion for the third quarter. Corresponding period last year profit was Skr1.647 billion.
Sales fell to Skr33.679 billion, from Skr38.276 billion a year earlier.
The operating loss was Skr 2.735 billion, compared with an operating profit of Skr4.447 billion for the third quarter last year.
CEO Øystein Løseth writes in a comment that the market has continued to deteriorate.
"The industry is under pressure due to overcapacity, low prices, and low margins, especially for electricity generation based on natural gas," he writes in the report.
Vattenfall is to cut costs by Skr3 billion in 2013.
"We adapt our organization and we are accelerating the adjustment process," writes Løseth.
The result for the third quarter is burdened by Skr8.6 billion due to impairment of goodwill and production assets in the business unit Thermal Power, mainly in the Netherlands, writes Waterfall in the report.
Scancomark.com Team
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