British energy group Centrica reports soaring profits

28th July 2010, Comments 0 comments

Energy provider Centrica said Wednesday that net profits rose almost sevenfold to nearly 1.4 billion pounds in the first half of 2010, as Britain's coldest winter in decades caused a spike in gas demand.

Profit after tax of 1.379 billion pounds (1.654 billion euros, 2.153 billion dollars) for the first six months of the year compared with net profit of 202 million pounds in the first half of 2009, Centrica said in an earnings statement.

"The United Kingdom experienced one of the coldest winters on record during the first quarter (...) Residential gas consumption in the United Kingdom rose by eight percent in the first half, with additional demand during the cold weather more than offsetting an underlying reduction in consumption through energy efficiency measures," the company said.

It added: "Overall, we expect the full year results for 2010 to be heavily weighted towards the first half of the year, and in line with current market earnings consensus, subject to the usual variables of weather patterns and commodity price movements."

© 2010 AFP

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