Oil buoys Fortum

Oil buoys Fortum

Finnish Energy group Fortum has announced its first half results, citing the recent recovery in the price of crude oil as the main reason for a rise in profits. The company produced a ten per cent rise in its first-half operating profits in spite of weak electricity prices.

Fortum said that the abundant supply of hydroelectric and coal-fired power in Norway and Sweden has put downward pressure on electricity prices, partly offsetting the impact of higher crude prices. In the six months to June 31, 1999, Fortum`s operating profits rose to euro352m ($379m from euro321m for the same period last year.

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