Operating profit at ESB rose by 38 per cent to €469 million last year, despite slowing demand and difficult economic conditions.
The State-owned energy group reported earnings before interest, tax, depreciation and amortisation of €1.12 billion, a 34 per cent rise compared to a year earlier.
Pretax profit was €78.8 million for the year, compared to a loss in 2010 of €89.2 million. However, 2010’s figures also included an exceptional pension charge.
Publishing its annual report and accounts today, ESB chairman Lochlann Quinn said the company was focusing on cost cutting and strengthening its balance sheet.
Some €70 million was trimmed from costs last year, bringing the total savings from reductions in earnings and staff numbers to €165 million.
Mr Quinn said the board was recommending a dividend of €72.5 million.
The company raised a total of €1.3 billion in the markets last year to fund its infrastructure investment programme.
Chief executive Pat O’Doherty said the downturn had presented challenges in managing arrears, but said it was taking a number of steps, including promoting the use of pay-as-you-go meters, energy efficient products and easier payment arrangements.
“In these challenging times it is absolutely fundamental that we maintain the financial strength of ESB so that we can continue to play a vital role in delivering critical infrastructure and economic stimulus to Ireland,” he said.
