Nuon profit down 13% in 2008

Nuon, the second biggest Dutch energy company, on Monday announced its net profit fell 13%to €765m in 2008.

Turnover was up 9% to €6.15bn. In a statement Nuon said the results are ‘satisfactory in a volatile market’.
The increased turnover was largely attributed to high gas revenues.
The company, which is owned by local governments, will payout a dividend of €350m or 45% of profit after tax.
‘Though the figures show a decrease compared to the record year of 2007, we can be satisfied with the result in view of the turbulence in the financial market and the commodity market,’ said Nuon CEO Øystein Løseth.
Nuon announced in June last year that it is seeking an international partner to strengthen its position in Europe. “This process is on schedule,” said Nuon on Monday without giving any further details.
Nuon is reported to be considering bids from Denmark’s Dong, Sweden’s Vattenfall and Italy’s Eni. A decision on which party will take a stake (initially 49%) in Nuon is expected to be announced shortly.
The commercial value of Nuon is estimated at €7bn.

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