Expansion lowers Bord Gais profits

Profits have slipped by more than 9% at Bord Gáis and the company's contribution to the Exchequer has more than halved, according to a report in the Irish Times.

The paper says it has seen a copy of the company's 2003 results, which show pre-tax profits down to €103m, with the company's annual dividend to the Exchequer falling to €9.7m.

The report says the gas company, which has diversified into electricity supply in recent years, managed to increase turnover by 7% to €701m.

It quotes chairman Ed O'Connell as saying in the accounts that a major expansion programme has taken a toll on profits.