Graninge's electricity operations increase profit by 88 per cent

Graninge's electricity operations increase profit by 88 per cent Graninge AB (publ) posted a pre-tax profit of MSEK 208 for the first three months of the year. Profit in electricity operations after depreciation improved by 88 per cent to MSEK 141. Hydropower production reached an unprecedented 846 GWh, which is 15 per cent above the normal level and 24 per cent better than in the corresponding period of last year. Production in the Finnish hydropower plants was also high at 96 GWh, which is 32 per cent more than normal. Behind this earnings growth lie well filled reservoirs and unusually high run-off for the season. At the same time, the price of electricity on the spot market has risen. The surge in prices is mainly due to the Norwegians, who in anticipation of a weak spring flood have begun importing power on a large scale in order to conserve the energy stored in their own reservoirs. The Graninge Group's income for the first three months of the year amounted to MSEK 699, down 30 per cent on the year-earlier figure owing to the sale of Forest & Timber operations to Scaninge Timber AB in July 2000. For comparable units - the current electricity, network and district heating operations - net sales increased by 2 per cent. For additional information, contact: Lars Enslöf, Managing Director and CEO of Graninge, +46 8 753 5000 Kalle Karlsson, Information Director of Graninge, +46 8 753 6860 ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/05/02/20010502BIT01060/bit0001.doc http://www.bit.se/bitonline/2001/05/02/20010502BIT01060/bit0001.pdf