NATURAL gas distributor Firmus Energy saw a huge jump in revenue and profits in its first set of results under new ownership.
Profits more than doubled to £9.6m in the year to December 31 2014 from £4.7m the previous year.
However the supply side of the business - which is subject to regulated tariffs on around a third of its customers - saw losses of £2.1m.
Revenue at Firmus Energy Distribution jumped 44 per cent to £22.9 million from £15.9m.
It is the part of the business that lays gas pipes around the so-called Ten Towns area which includes Derry, Antrim, Ballymena and Newry. By the end of last year, it had connected more than 24,000 industrial, commercial and domestic customers.
Firmus Energy Supply meanwhile supplies gas to customers in the Ten Towns area and the greater Belfast market.
Firmus had been a subsidiary of Bord Gais but was sold to iCON Infrastructure - part of DEKA Energy Enterprises - last year.
In their strategic report filed with accounts at Companies House in Belfast, directors of Firmus Energy Distribution said: "The increase in revenue is in part explained by the realignment of tariffs to reflect costs in the run up to market opening in the Ten Towns Licence area.
"The company performed well during 2014 and showed strong growth in revenue which resulted in an increase in profits and a positive net assets position.
"The company continued to invest in capital expenditure in order to further develop its gas network and laid 77km of additional gas mains during the year."
The sale of the company during the year saw its previous facility agreement fully repaid and replaced with long term loans with its new parent company DEKA Energy Enterprises.
At the end of the year, the company had net assets of just over £1m compared to net liabilities of £8.6m the previous year.
Employment levels remained the same at 92 with the total payroll £3.8m.
Losses at Firmus Energy Supply for the year improved to £2.1m from £2.7m in 2013.
Revenues were up from £118.1m to £122.8m.
Net liabilities meanwhile rose to £10.1m from £8m. Following the company's sale, its previous loans were repaid and replaced with a long term shareholder via Firmus Energy (Distribution).
Directors did not recommend the payment of dividends for either company.
Last week, Firmus Energy announced tariffs for its Belfast customers would be cut by 10 per cent from October while those in the Ten Towns area would see a 5 per cent reduction.
It has around 50,000 customers in the greater Belfast area and 25,000 in the Ten Towns area.
