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Statkraft SF hit by higher costs and low electricity prices.

NORDIC BUSINESS REPORT-12 November 2002-Statkraft SF hit by higher costs and low electricity prices (C)1994-2002 M2 COMMUNICATIONS LTD

The Norwegian state-owned energy group Statkraft SF reported today (12 November) a pre-tax result of NOK169m in the third quarter of the year, as compared to NOK621m in the third quarter of 2001.

The sharp decline was said to be due to increased financial costs related to acquisitions of ownership shares in other companies and to lower electricity prices.

The turnover amounted to NOK2,120m, as compared to NOK1,501m in the third quarter last year. The increase in turnover was due to the consolidation of Skagerak Energi AS and Trondheim Energiverk AS into Statkraft.

Statkraft said that it expected an increase in energy prices to improve the fourth quarter figures but that the full-year result would remain below the level of 2001.

One Norwegian krone (NOK) is worth approximately 0.9 British pounds (GBP).

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Title Annotation:Norwegian state-owned energy group
Publication:Nordic Business Report
Article Type:Brief Article
Geographic Code:4EXNO
Date:Nov 12, 2002
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