The Group's profit after tax came to MNOK 304, compared with MNOK 287 in 2004. Lower spot prices compared with 2004 helped reduce the resource rent tax. The Group's price hedging strategy resulted in the actual selling price being higher than the spot price during the quarter. Production was more or less unchanged relative to last year.
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E-CO Energi posted a net profit of MNOK 307 at 30 June, compared with MNOK 319 at mid-year 2004. The Group's price hedging strategy entailed that the actual selling price for power was higher than the spot price during the early half of 2005, but was lower than at mid-year 2004. Production edged down slightly compared with last year.
E-CO posted a consolidated net profit of MNOK 331 at 30 September 2005, compared with MNOK 335 in Q3 2004. Although production was higher than last year, the actual selling price was somewhat lower than in the past few years.
E-CO Energi earned a net profit of MNOK 670 in 2004, compared with MNOK 111 in 2003. This translates into a return on total assets of 8.9 per cent, compared with 6.9 per cent in 2003. The improved performance is due to higher production volume, higher actual selling prices and lower taxes. The average actual selling price was 106 per cent of the spot price.