The Finnish energy company Fortum reports an operating profit of 123 million euros (approximately 1.4 billion kronor) for the third quarter of the year. This is a significant halving of the profit compared to the corresponding quarter last year.
Excluding items affecting comparability, the operating profit was 158 million euros, compared to 226 million euros a year earlier, according to Fortum's quarterly report for the third quarter. This can be compared to an average forecast among analysts of 164 million euros, according to a compilation of forecasts made by Bloomberg.
Revenue fell 10 percent compared to the third quarter last year to 1,094 million euros. This was slightly more than expected.
"In July and August, the Nordic spot prices were pressured by heavy rainfall, good availability of nuclear power, and increasing wind and solar power production. In September, prices increased due to drier conditions and nuclear power outages caused by both planned maintenance and unexpected technical problems," says CEO Markus Rauramo in a comment in the interim report.
