Denmark's energy giant reports 59 percent profit growth in 2010

13:13, March 12, 2011      

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DONG Energy, Denmark's biggest energy producing and trading company, has seen its 2010 pre-tax profit rise 59 percent from the previous year, the company announced Friday.

The company said its increased gas sales, higher electricity generation, lower operating costs, as well as rising global energy prices, lead to the result.

In its Annual Report 2010, DONG Energy said its earnings before interest, tax, depreciation and amortisations (EBITDA) stands at 14.09 billion Danish kroner (2.60 billion U.S. dollars), up from 8.84 billion Danish kroner (1.63 billion dollars) in 2009.

Anders Eldrup, DONG Energy's administrative director, explained the company's investments in a range of new activities helped contributed to the increased profits.

"This applies not only to the green sector, where the new wind farms Horns Rev 2 and Gunfleet Sands contributed to earnings, but also to the gas-fired power station Severn and to the oilfield Nini East, which have helped expand the business," Eldrup said in a press statement announcing the 2010 result.

He added that the company also benefited from savings and efficiency improvements deployed in 2009.

Headquartered in Denmark, DONG Energy produces, procures, trades and distributes energy throughout northern Europe. It registered a turnover of 54.6 billion Danish kroner (10.08 billion dollars) in 2010.

The company said oil and gas production for 2010 stood at 24.4 billion barrels of oil equivalent (boe), slightly up from 24 million boe in 2009, with gas production having risen 81 percent since 2008.

In 2010, it produced 20.2 TWh electricity (of which renewable energies contributed 4.0 TWh), up from 18.1 TWh the previous year.

In 2011, the company expects EBITDA to remain at 2010 levels, with net investment for 2011-2013 expected to be 40 billion Danish kroner (7.38 billion dollars).

Source: Xinhua

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