World News: 15:16 GMT Monday 27th May 2019. [Orkuveita Reykjavíkur via Globe Newswire via SPi World News]
The operations of Orkuveita Reykjavíkur (Reykjavík Energy; OR) fared well in Q1 2019 with strong EBITDA and EBIT. During the quarter, development of externalities to the operations were mixed but bottom-line results for the OR group amounted to profits of ISK 3.9 billion. The group consists of Veitur Utilities, ON Power and Reykjavík Fibre Network, besides the parent company.
In line with increased housing in the company’s principal service area, investments were considerable in Q1 and amounted to ISK 3.7 billion. Besides extensions and maintenance of the traditional utilities – water, heating, electricity and sewers – new steam-holes were drilled in the Hengill geothermal area and the fibre network is being extended to homes in the municipalities of Arborg and Reykjanesbær.
Compared to Q1 2018, when investments were ISK 2.8 billion, the increase amounts to ISK 900 million or nearly one-third.
More key financial figures for the Reykjavík Energy group can be found on our website along with financial targets.
The url is
Mr. Bjarni BjarnasonCEO+354 516 6100
Globe Newswire: 15:16 GMT Monday 27th May 2019
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 07519380.