Profit soared at Norwegian energy company Statkraft to Nkr4.63bn (€497m) in the first half of 2017, up from Nkr490m in the same period in 2016.
Earnings also rose to Nkr8.23bn from Nkr6.44bn, while net revenue grew to Nkr12.4bn this year from Nkr10.7bn in the first six months of 2016.
The company said the main reasons for the strong figures were increased power prices compared with last year, increased contributions from market operations and lower property tax.
Statkraft generated 31.8 terrawatt-hours of electricity in the first half of the year, down on the 33.7TWh produced in the same period of 2016.
The fall was mainly down to lower hydro power output, which was 29.4TWh in the first six months of 2017, compared with 32.3TWh last year.
Wind generation rose to 1.4TWh from 1.1TWh in 2016, the company said.
Revenue from wind was Nkr358m in the first half of the year, up from Nkr280m last year. Wind earnings also jumped to Nkr163m from a loss of Nkr10m last year.
The increases were mainly down to higher production, new capacity and lower operating expenses, Statkraft said.
The business unit made a loss of Nkr16m in the period, which was an improvement on last year, when the loss stood at Nkr201m.
Image: Statkraft
