International Power sees cut in profits

London-based International Power has seen pre-tax profits slump 27%, as it took a £400m (€596m) write-down of the value of its plants in the US.

Turnover at International Power rose in 2003 to £1.27bn (€1.89bn) from £1.13bn (€1.68bn) in 2002, but pre-tax profits excluding exceptional items fell to £285m (€425m) from £388m (€579m).