MDU-Resources Group annual profit down for 2009

BISMARCK, N.D. (AP) — MDU Resources Group Inc. says lower prices for oil and natural gas caused company profits to drop for the second consecutive year.

The Bismarck-based energy, mining and construction company says its 2009 profits dropped to $260.4 million, or $1.40 per share, compared with $377.2 million, or $2.05 per share, in 2008.

The company reported record profits of $431.4 million in 2007.

MDU spokesman Rick Matteson says the company still generated record operating cash flow of $845 million in 2009, up from $786 million in 2008.

MDU President and Chief Executive Officer Terry Hildestad says the record cash flow enabled the company to increase its dividends to shareholders for the 19th consecutive year.

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