Gas and electricity utilities announce good results

It seems that Victorian electricity distributor United Energy is beginning to shrug off its disastrous investments after reporting a strong full year result for 2002.

United's 2002 after-tax profit was $68 million before significant items, up 44.4% on the previous year's $47.1 million. Revenue was up 12.2% at $563.9 million.

United said the full-year result was hit by significant items totalling $28.2 million, including a net loss of $33.6 million on the sale of Pulse, EdgeCap and Utili-Mode, and a net loss of $200,000 relating to Uecomm.

While its parent company may have performed poorly, gas and electricity distributor TXU Australia has performed strongly with profits of $US74 million for the year, up from $US19 million in the previous year. TXU Australia generated revenue of $US860 milion, up from $US700 million in the year just ended.

However, TXU Australia expects earnings to fall to $US65 million in the current year because of regulatory changes in the market.

Parent company TXU Corp posted a massive $US4.2 billion loss for 2002, caused mainly by write-downs in its European businesses.

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