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23/02/2006
Centrica profits rise to £1.5bn
British Gas owner Centrica has announced an 11% increase in profits, taking the amount to £1.5 billion.
Centrica attributed the profits to its gas production and storage operations.
The announcement is set to cause controversy, coming a week after British Gas announced that the cost of gas and energy bills would rise by 22% this year.
However, profits at British Gas plunged 63% to £90 million, which was attributed to the company delaying passing the increasing cost of wholesale fuel onto customers.
British Gas made a £75 million operating loss for the second half of 2005, largely due to the loss of customers and the increasing price of wholesale fuel.
According to the latest figures, British Gas lost more than 600,000 customers last year, as customers switched to other suppliers.
Allan Asher, Chief Executive of Energywatch, said: "As a consumer I feel aggrieved when one week I hear of a 22% price rise and the next I hear of high profits. Centrica, parent company of British Gas, is a complex international company. Its profits may not be coming from its domestic business, but today's announcement from Britain's most expensive supplier can only jar with consumers who may not be able to heat their homes properly."
(KMcA/SP)
Centrica attributed the profits to its gas production and storage operations.
The announcement is set to cause controversy, coming a week after British Gas announced that the cost of gas and energy bills would rise by 22% this year.
However, profits at British Gas plunged 63% to £90 million, which was attributed to the company delaying passing the increasing cost of wholesale fuel onto customers.
British Gas made a £75 million operating loss for the second half of 2005, largely due to the loss of customers and the increasing price of wholesale fuel.
According to the latest figures, British Gas lost more than 600,000 customers last year, as customers switched to other suppliers.
Allan Asher, Chief Executive of Energywatch, said: "As a consumer I feel aggrieved when one week I hear of a 22% price rise and the next I hear of high profits. Centrica, parent company of British Gas, is a complex international company. Its profits may not be coming from its domestic business, but today's announcement from Britain's most expensive supplier can only jar with consumers who may not be able to heat their homes properly."
(KMcA/SP)
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