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Danish Dong Energy net profit rises to DKK2bn in Q1 2010.

NORDIC BUSINESS REPORT-20 May 2010-Danish Dong Energy net profit rises to DKK2bn in Q1 2010(C)1994-2010 M2 COMMUNICATIONS http://www.m2.com

20 May 2010 - Danish state-owned utility Dong Energy A/S said today its net profit surged to DKK2bn in the first quarter of 2010 from DKK718m a year earlier, driven by higher demand, increased power prices and new wind farms.

The group's revenue rose to DKK16.2bn from DKK15.6bn. The growth was mainly attributed to high power prices in eastern Denmark due to the cold weather, but also to power generation from new wind farms. Higher oil prices were partly offset by lower prices of gas, Dong said.

EBITDA landed at DKK4.3bn in the first quarter of 2010, up from DKK2.7bn from a year earlier.

As a result, net cash inflow from operating activities increased by DKK500m to DKK3.9bn.

During the reported period, Dong invested a total DKK2.8bn in new activities and existing facilities, including wind farms, gas-fired power station projects in the UK and the Netherlands, and oil and gas fields.

The first-quarter results were satisfactory but continued to be negatively affected by the economic downturn as demand for gas and power is still lower than previously, Dong's CEO Anders Eldrup said.

The Danish utility still expects its EBITDA for the full 2010 to be significantly higher than in 2009.

(EUR1 = DKK7.4)

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Publication:Nordic Business Report
Article Type:Financial report
Date:May 20, 2010
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