Dáil Éireann Debate, Wednesday - 12 May 2004
97 Mr. O’Shea asked the Minister for Communications, Marine and Natural Resources if he has received a copy of Bord Gáis’s annual results for 2003; if profits at Bord Gáis have slipped by more than 9% and the company’s contribution to the Exchequer has more than halved; and if he will make a statement on the matter. [13711/04]
Amharc ar fhreagraThe 2003 annual report and accounts of Bord Gáis Éireann, BGÉ, were laid before the Houses of the Oireachtas on 8 April 2004 and formally published by the company at the end of April 2004. BGÉ had another successful year in 2003 in that it made after-tax profits of €97 million, turnover was up 7% and its residential customer base increased by 9%. While profits after tax were down by 9%, this reflects the significant increase in interest costs arising from major capital investment projects, notably the second interconnector and the pipeline to the west. Also, because of the capital investment programme and its impact on balance sheet fundamentals, we agreed a revised lower dividend policy with the company.
