Energy suppliers BG Group announce drop in earnings - 10/02/2010
Energy suppliers BG Group have announced that company earnings fell by more than a third at the end of last year.
The British-based integrated oil and gas company said its fourth quarter earnings fell by 38 per cent to £465 million compared to £756 million in the final quarter of 2008.
The firm said the drop in earnings had been significantly affected by the slump in gas prices despite the company increasing its production levels.
Nick Raynor, investment adviser at The Share Centre, said the BG Group's declining earnings are in line with market expectations and reflect the challenges faced by energy suppliers to deliver good value for money while maintaining healthy profit margins.
"Despite [the] results, BG Group remains our preferred gas producer," Mr Raynor said.
"We believe it is only a matter of time before gas prices improve, as demand for cleaner sources of energy increases."
He added that BG Group continues to benefit from a growing demand for liquified natural gas and aims to become the world's third largest energy supplier.
If you want to find out more about switching energy suppliers and how you could save up to £378 in minutes, click here.
Save up to £300 on your gas & electricity bills at energyhelpline.com
Compare prices from all energy suppliers to find your best deal