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HELSINKI, July 18 (Reuters) - Finnish utility Fortum on Friday reported a 12-percent decline in its second-quarter core operating profit due to low Nordic power prices.
State-controlled Fortum, which has an extensive investment programme in Russia, also said it was not likely to reach its annual operating profit target of 500 million euros ($676 million) from the country from 2015 onwards due to weak rouble.
“Fortum is keeping its rouble-denominated target intact, but mainly due to the translation effect, the euro-denominated result level will be volatile,” CEO Tapio Kuula said in a statement.
Fortum’s comparable operating profit in the second quarter was 255 million euros ($345 million), down from 289 million a year ago, but topping analysts’ average expectation of 232 million euros. ($1 = 0.7395 Euros) (Reporting by Jussi Rosendahl; Editing by Sakari Suoninen)