Statnett Q3 Profit After Tax Down to USD 44.5 Million (Norway)
The Group reported a profit after tax of NOK 254 million in the third quarter of 2011 compared to NOK 344 million in the same period of 2010. The Group’s profit after tax for the first three quarters of 2011 was NOK 774 million.
The corresponding figure for 2010 was NOK 1 630 million. The Group’s profit after tax adjusted for changes in higher/lower revenue after tax was NOK 153 million at the end of the third quarter. The corresponding figure for 2010 was NOK 514 million.
Total operating revenues for the Group in the third quarter of 2011 amounted to NOK 1 339 million compared to NOK 1 392 million in the third quarter of 2010. The Group’s operating revenues for the first three quarters amounted to NOK 4 180 million. The corresponding figure for 2010 was NOK 5 235 million. The reduction in operating revenues and profit after tax for the first three quarters in 2011 was due to a planned downward adjustment of tariff revenues. In 2011 congestion revenues were lower until the end of August. However, in September congestion revenues increased due to increasing price differences in the Nordic region.
The increased congestion revenue at the end of the quarter is also reflected in the higher revenue which totalled NOK 373 million in the third quarter of 2011 compared to NOK 241 million for the same period in 2010. The higher revenue for the first nine months of 2011 was NOK 863 million, compared to NOK 1 550 million for the same period in 2010. The higher revenue will be returned to Statnett’s customers over time through adjustment of tariffs.
In the first three quarters of 2011, the Statnett Group invested NOK 1 873 million, compared with NOK 1234 million in the corresponding period last year.
Statnett’s activities will continue to be dominated by the substantial number of investment projects, both planned and ongoing. The investment program aims to maintain the future security of supply, contribute to value creation and pave the way for better environmental solutions in Norway.
(1 million Norwegian kroner = 175 818 U.S. dollars)
Source: statnett, November 11, 2011