Landsvirkjun reports 8.7bn kr quarterly profit

Landsvirkjun recorded a profit of 8.7 billion Icelandic krónur from its core operations in the second quarter, while cash generated from operations totalled 6.7 billion krónur, mbl.is reported, citing a statement from the company.

The company’s financial position remains strong, with an equity ratio of 61 per cent. Its debt was equivalent to 1.6 times operating profit before depreciation.

Revenue from electricity sales increased by 19 per cent year on year. Landsvirkjun said the rise was mainly driven by higher electricity prices for large users following an increase in aluminium prices.