Profits drop for JE
Thursday 24th December 2009, 3:00PM GMT.
La Collette power station
JERSEY Electricity has reported lower profits to the end of September this year compared with the previous 12 months.
Pre-tax profit from operations fell by ten per cent to £9.27 million compared with £10.26 million for 2008.
This was in spite of a 14 per cent increase in turnover. The results, approved at a board meeting on 17 December, reflect lower interest received and the absence of property gains and revaluations which accrued in the previous year.
Deposit interest was only £0.5 million – as a result of the decline in base rate – compared with £1.1 million in 2008.
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