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Dong Energy today posted a drop in profits for 2011 and predicted a flat 2012 ahead of "significant" anticipated earnings growth from 2013.
The company posted relatively flat earnings of DKK13.8 billion (£1.55bn) from slightly higher revenues of DKK56.8 billion (£6.38bn). Profits across the group amounted to DKK2.9 billion (£326 million) compared to DKK4.5 billion (£506 million) for 2010.
Profits dropped due to lower gains on disposals, said the firm. The company said lower earnings before interest, taxes depreciation and amortisation (Ebitda) was due to a lower margin on gas sales, despite it renegotiating gas contracts.
CEO Anders Elstrup said that the firm “still expects to double Ebitda in the period up to 2015 compared with 2009”.
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