Centrica's profits go up 11% |
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Published
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Thu, 23 Feb 2006 11:05
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LONDON: Centrica Plc., Britain's largest energy supplier and owner of British Gas, reported an 11 per cent hike in 2005 operating profits as wholesale gas prices were at their peak throughout the year. The profits stood at a record 1.51 billion pounds as on 31 December 2005, the company said.
The profits are in line with market expectations with analysts predicting the range to be between 1.26 billion pounds and 1.86 billion pounds.
The rising group profits came largely from the company's gas production operations and gas storage business, where operating profit rose by 123 per cent to 154 million pounds.
Its British Gas' profits fell 63 per cent to 90 million pounds from 242 million pounds in 2004, while it made a loss in the second half of the year.
As the turnover grew 18 per cent to 13.4 billion pounds, the company remained upbeat on 2006 prospects although it admitted the coming year will be difficult.
Chief executive Roy Gardner said market conditions are volatile but the company's priorities remain unchanged. There could be further turbulence in the commodity markets, but 2005 results clearly show a strong underlying business.
The company said the number of residential gas customers stood at 11.131 million and electricity customers at 5.92 million at the year-end. It had a 54 per cent share in the residential gas market in the country, which marks a scaling down from 57 per cent at the end of 2004 and an unchanged 23 per cent in the electricity market. It has raised its domestic prices by more than a fifth effective 1 March.
Centrica is rumoured to be a takeover target for Russian energy major Gazprom.
The company is proposing to pay final dividend of 7.4 pence per share up from 6.1 pence last time.
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Gas Prices Likely To Rise - Tough Road Ahead 