DCC profits up as cold weather fuels energy demand
Published 18/05/2010 | 09:35
Business support services group DCC said annual profit rose 12pc as cold winter weather boosted demand at its energy unit.
Net income rose to €130.8m in the year through March, from €116.3m in the same period a year earlier, the company said in a statement today. Sales rose 5pc to €6.72bn.
Operating profit at the energy unit rose 12pc as the UK earlier this winter endured its longest cold snap since 1981.
The company now makes more than two-thirds of its operating profit in the UK after purchasing stakes in British companies.
Overall operating profit may rise between 5pc and 10pc in the year to March 2011, DCC said in the statement, depending on currency swings.
Profit by that measure increased 6.9pc to €192.8m last year. It rose 13pc on a constant currency basis, DCC said.
DCC rose as much as 4.5pc to €19.42 in Dublin and traded at that level as of 8:05am.