Fortum Calls Russian Profit Targets a Challenge

Tuesday, April 08, 2014

State-controlled Finnish utility Fortum on Tuesday said it could lower its profit targets for its Russian business due to the weakened economic situation and the lower rouble foreign exchange level.

Chief executive Tapio Kuula, addressing a speech in a shareholder meeting, said that Fortum's target of an annual operating profit of 500 million euros ($687 million) from 2015 onwards looked challenging.

"Once the political and economic situation has stabilised, we will determine if there are still adequate possibilities to achieve the current target or if we should set a new target level," he said.

Fortum is due to complete its 2.5 billion euro investment program of eight new power plants next year.

($1 = 0.7277 Euros)

(Reporting By Jussi Rosendahl)

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