OSLO, March 5 (Reuters) - Statkraft, Norway's biggest utility, said on Thursday its underlying core profit rose by 17% year-on-year in the fourth quarter, citing higher power prices and record
Statkraft Q4 Core Earnings Up 17% Amid Higher Power Prices and Generation
Statkraft Reports Strong Fourth Quarter Performance
Increase in Core Profit and Power Generation
OSLO, March 5 (Reuters) - Statkraft, Norway's biggest utility, said on Thursday its underlying core profit rose by 17% year-on-year in the fourth quarter, citing higher power prices and record electricity generation.
Financial Results and EBITDA Growth
The state-owned company's October-December underlying earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 8.3 billion Norwegian crowns ($859.64 million) from 7.1 billion crowns a year earlier, the report showed.
Debt Reduction and Financial Flexibility
By selling a range of businesses, the company has reduced its net debt by 12 billion crowns and strengthened its financial flexibility and competitiveness, it said.
Strategic Divestments and Cost Reductions
"We have now largely completed our planned divestments of non-core assets and are on track with our cost reductions," CEO Birgitte Ringstad Vartdal said in a statement.
Power Generation and Market Context
Record Power Generation
Power generation rose to 19.4 terawatt hours (TWh) from 19.3 TWh in the fourth quarter of 2024, Statkraft said.
Currency Exchange Rate
($1 = 9.6552 Norwegian crowns)
Reporting Credits
(Reporting by Nora Buli, editing by Terje Solsvik)
