HELSINKI, April 29 (Reuters) - Finnish utility Fortum reported on Tuesday a smaller-than-expected drop in first-quarter comparable operating profit, citing successful power generation optimisation.
Nordic power prices during the first three months of the year were lower year-on-year due to mild winter weather in the region.
Fortum said its January-March comparable operating profit fell to 462 million euros ($526 million) from 530 million a year ago, above an average expectation of 364 million by 14 analysts in a poll commissioned by the company.
"Despite the lower Nordic spot prices, we were able to reach a very good achieved power price through successful operation and optimisation of our versatile low-carbon fleet," CEO Markus Rauramo said in a statement.
Fortum predominantly produces electricity from nuclear and hydropower plants situated in Finland and Sweden.
($1 = 0.8783 euros)
Reporting by Anne Kauranen in Helsinki, editing by Nora Buli, Terje Solsvik and Louise Heavens
Source: Reuters