ESB profits fall 40% on costs rise

The ESB recorded a sharp decline in profits in the first half of last year.

Profits at the dominant provider in the Irish electricity market fell 40% from €112.6m to €87.7m for six months ending on June 30.

Finance costs rose after ESB finalised the acquisition of the Northern Ireland Electricity business in late 2010, which impacted negatively on ESB’s ability to generate profits.