Ørsted loses steam in first quarter

The utility's profits drops significantly, but its green bottom line rises on the same occasion. Annual guidance is maintained.

Photo: Ritzau Scanpix/Mads Claus Rasmussen

At a glance, Ørsted delivered a disappointing result for Q1. Compared to the same period last year, the utility's revenue decreased by 13 percent to DKK 17.239 billion (EUR 2.3 billion), while the net result decreased by 14.6 percent to DKK 2.596 billion.

Meanwhile, it was not unexpected that Ørsted would deliver lower figures. As early as last year, the company forecast that cyclical effects from its gas portfolio, which contributed to last year's bottom line having soared to unseen heights, would turn around in 2019. This is reflected in the Customer Solutions division, under which gas operates, where the result is more than halved to DKK 567 million EBITDA versus DKK 1.214 billion in the same period of last year.

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