Operating profit rose 11.4% during the second quarter of 2008 to SEK6.31 billion from SEK5.67 billion for the same period in 2007, and 3.9% for the first half of 2008 to SEK17.74 billion from SEK17.07 billion for the same period in 2007.
Consolidated profit after tax decreased by 35.3% to SEK4.04 billion in the second quarter of 2008 from E6.25 billion for the same period in 2007. This is mainly due to a positive non-recurring tax effect during the second quarter of 2007 of approximately SEK1.9 billion from the German government’s decision to reduce the corporate tax rate.
Electricity generation for the second quarter of 2008 amounted to 39.8TWh, compared to 40TWh in the second quarter of 2007. Hydropower generation increased by 5.1% to 10.4TWh from 9.9TWh. Nuclear power generation decreased by 11.2% to 11.1TWh from 12.5TWh, mainly due the outage at the Brunsbuttel nuclear power plant in Germany.
The increased profits are mainly attributable to Vattenfall’s Nordic business group, which reported a significant earnings improvement for its electricity generation business unit.
