JE profits halve

News | Published:

PROFITS at the Island's electricity supplier almost halved from £11.1million to £5.7million in the last financial year, according to figures issued to the London Stock Exchange last week.

Jersey Electricity, which is 62% owned by the States, described 2011/12 as a 'challenging' year in which it suffered multiple and costly equipment failures.

There was good news for taxpayers, however, as the States received £8.6 million in dividends and taxes, a six per cent rise from £8.1 million due to the increase in GST in June.

JE reported turnover of £97.2million, three per cent down on last year's record of over £100 million while pre-tax profits fell 48% from £11.1million to £5.7million.

Most of the falls came from the energy division where profits dropped £3.5 million from £7.7 million to £4.2 million.

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