Statkraft Q4 net loss increases

Statkraft AS has reported a net loss of NOK1.84 billion for the fourth quarter ended December 31, 2012, compared to a net loss of NOK673 million for the same quarter ended December 31, 2011.

Gross operating revenues for the fourth quarter ended December 31, 2012 were NOK10.44 billion, compared to NOK5.47 billion for the same quarter ended December 31, 2011.

Net profit for the year ended December 31, 2012 was NOK4.67 billion, compared to NOK40 million for the year ended December 31, 2011.

Gross operating revenues for the year ended December 31, 2012 were NOK32.33 billion, compared to NOK22.2 billion for the year ended December 31, 2011.

"Increased production from Nordic hydropower, market activities and high contract coverage secured a good operating result for Statkraft in the fourth quarter of 2012. However, the result is characterized by write-downs, particularly in connection with the market situation for European gas power," says President and CEO Christian Rynning-Tonnesen.