Børsens News Service in English
DONG Energy doubles profit after tax
19-08-2010
10:16
In spite of lower gas selling prices Denmark’s largest energy group, DONG Energy, doubled its profit after tax, the company wrote in its half-year financial report.
»The first half developed positively for DONG Energy. The cold winter and the commissioning of new wind farms contributed positively to earnings. At the same time, we are continuing at a rapid pace with the transition to a greener energy production,« said CEO Anders Eldrup.
Revenue was down DKK 1,088 million at DKK 27,691 million reflecting the lower gas selling prices, while the higher power prices in Denmark in the first quarter and higher oil prices had a positive effect compared to the first half-year 2009. Power generation from new wind farms made a positive contribution to EBITDA which rose by DKK 2,853 million to DKK 7,619 million.
DONG Energy invested DKK 5.9 billion in new activities and existing facilities, including wind farms, gas-fired power station projects in the UK and the Netherlands, and gas and oil fields. EBITDA for 2010 is still expected to be significantly ahead of 2009, reaffirmning the outlook in the annual report. Second-half EBITDA is also still expected to be considerably lower than first-half EBITDA, which benefited from the cold and dry winter, which led to increased gas sales, high power prices and a high contribution margin from thermal power generation.
»The first half developed positively for DONG Energy. The cold winter and the commissioning of new wind farms contributed positively to earnings. At the same time, we are continuing at a rapid pace with the transition to a greener energy production,« said CEO Anders Eldrup.
Revenue was down DKK 1,088 million at DKK 27,691 million reflecting the lower gas selling prices, while the higher power prices in Denmark in the first quarter and higher oil prices had a positive effect compared to the first half-year 2009. Power generation from new wind farms made a positive contribution to EBITDA which rose by DKK 2,853 million to DKK 7,619 million.
DONG Energy invested DKK 5.9 billion in new activities and existing facilities, including wind farms, gas-fired power station projects in the UK and the Netherlands, and gas and oil fields. EBITDA for 2010 is still expected to be significantly ahead of 2009, reaffirmning the outlook in the annual report. Second-half EBITDA is also still expected to be considerably lower than first-half EBITDA, which benefited from the cold and dry winter, which led to increased gas sales, high power prices and a high contribution margin from thermal power generation.
*****||*****DONG Energy doubles profit after tax*****||*****In spite of lower gas selling prices Denmark’s largest energy group, DONG Energy, doubled its profit after tax, the company wrote in its half-year financial report.
»The first half developed positively for DONG Energy. The cold winter and the commissioning of new wind farms contributed positively to earnings. At the same time, we are continuing at a rapid pace with the transition to a greener energy production,« said CEO Anders Eldrup.*****||*****
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