Business News

HSE Utility Posts Lower Profit Despite Surging Sales

Ljubljana, 23 March (STA) - State-owned HSE, the biggest electricity producer and trader in the country, posted sales of EUR 1.35bn for 2011, up 49% over the year before and 25% above plans. Net profit stood at EUR 46.7m, down 41% year-on-year but still better than planned, the company said on Friday.

Power plants owned by HSE (hydro plants on the Drava, Sava and Soča and coal-fired power plants in Šoštanj and Trbovlje) generated 7.6 terawatt hours (TWh) of electricity last year, nearly a tenth less than in 2010, mainly due to poor rainfall.

Hydro plants, which accounted for 42% of the total electricity output, achieved only 92% of the plans. But since the dry weather continued over the winter, hydro plants achieved only 67% of the plans in the first two months of this year.

The company sold a total of 23.8 TWh of electricity, up nearly a half over the year before and 22% above plans. However, electricity trading was not as profitable, which is also the main reason for the drop in overall net profit.

The results were presented on Friday to the supervisory board, which said it was pleased with the performance. "Some targets were even exceeded, which bodes well for this year," supervisory board chairman Drago Dolinar said.

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