Energia profits down

The cost of entering the residential electricity market last year contributed to pre-tax profits at Energia decreasing by 38.5% to €26.78m.

Accounts just filed by Energia show that the firm recorded the drop in profit as revenues declined by 7% from €926.9m to €861m in the 12 months to the end of March 31.

According to the directors’ report, revenues decreased by €65.9m “primarily reflecting lower customer consumption”.