Benelux-based utility Electrabel has reported improving its earnings after tax by 10.3% to E1.5 billion for the first six months of its financial year.
Profit before tax at the Belgium-headquartered power firm was E1.7 billion, a 13% increase on the E1.5 billion delivered in H1 2005. The company said the improvement came as a result of price increases and the expansion of its customer base outside of its traditional heartland, where prices remain constrained.
Electricity sales increased 20.6% during the first six months of the year to E4.9 billion. However, the company’s improvement in gas sales virtually doubled its achievement for electricity as they increased by 39.7% to a total of E1.4 billion compared with the corresponding period in 2005.
While acknowledging that the majority of its earnings come in the first half of the year, Electrabel reaffirmed its confidence of achieving full year targets based on its strong H1 performance.