Bord Gáis made a pre tax profit of €103 million in 2003 though profit growth was down on the previous year due to increases in depreciation and interest.
Commenting on the results Bord Gáis chairman, Mr Ed O'Connell said the company's €1.4 billion investment in infrastructure is almost complete with key projects rolled out on time and on budget.
"Overall, performance exceeded expectations," Mr O'Connell said.
He added that the reduction in pre tax profits was lower than expected due to strong growth in demand from new housing. The company added 38,448 new customers during the year
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Bord Gáis currently controls 85 per cent of the gas market and has now diversified into the electricity market garnering a 17 per cent market share.