OR Loses Billions In 2012

Words by Catharine Fulton
Orkuveita Reykjavíkur (OR) has reported loses of 2.3 billion ISK in 2012 despite having made 14.7 million ISK in operating profit, RÚV reports.

The reason for the loss is apparently tied to the decrease in the price of aluminium and the fall in value of the króna over the course of the year.

The operating revenue of OR has increased by 6.6% since 2010 while operating expenses have declined by 8% over the same period of time. OR also recently completed the sale of Perlan for 950 million ISK and have been authorized to sell their headquarters for 5.1 billion ISK.

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