North electricity supplier sees profit fall

Northern Ireland electricity supplier Viridian today reported a drop in operating profits for the six months to the end of September…

Northern Ireland electricity supplier Viridian today reported a drop in operating profits for the six months to the end of September.

Viridian Group said operating profit was £61.9 million, compared to £70.4 million for the same period last year.

Revenue increased to £442.4 million against £409.3 million a year ago.

Viridian, the parent company of Northern Ireland Electricity (NIE), is undergoing a takeover after directors accepted a £1.6 billion offer from Electricinvest, a division of a Bahrain-based private equity company.

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The unaudited interim results also reported NIE capital expenditure on network and new systems of £43.4 million - £36 million in 2005.

Its subsidiary that supplies electricity to business customers in the Republic of Ireland increased its customer base by 3,600.

Viridian chief executive Patrick Haren said the operating profits were lower than last year due to a lower contribution from their Viridian Power and Energy businesses and the non-repetition of profits on property last year.