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SE profits down 14 percent in 2010

Slovakia's dominant electricity generator Slovenské Elektrárne (SE), a daughter company of Italy’s Enel Group, posted a year-on-year slump in profits in 2010, the company announced in London on Monday, March 14.

Slovakia's dominant electricity generator Slovenské Elektrárne (SE), a daughter company of Italy’s Enel Group, posted a year-on-year slump in profits in 2010, the company announced in London on Monday, March 14.

According to the still-unaudited results, after record figures in 2009 SE's EBIDTA is estimated to have gone down by 14 percent y-o-y to €712 million last year, the TASR newswire wrote. The result is believed to have been significantly influenced by the economic crisis and by lower electricity prices, which fell by €11 per MWh last year.

Enel's financial director Luigi Ferraris commented that despite the y-o-y slump, SE contributed to Enel's growth as a whole – by improving the output of its nuclear plants, increasing production at hydroelectric plants and launching efficiency drives, the Slovak firm actually reported higher profits than expected. If SE hadn't launched such measures, its profits would have fallen from €828 million in 2009 to €588 million last year, the firm said.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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