State-owned companies’ profits soar

Sweden's state-owned companies enjoyed a massive rise in profits during the first nine months of the year compared to the same period last year.

The profit for the first three quarters of the year was over 29 billion kronor. Up to the third quarter of 2003 it was 23 billion kronor, reported Swedish Television’s Rapport programme.

The energy company Vattenfall and the mining and minerals company LKAB are the real cash cows for the state, each making a significant contribution to the profit figures which were released on Friday.

The Swedish state owns around 60 businesses, which last year delivered a combined dividend of 17 billion kronor.

TT/The Local