LONDON: Centrica Plc’s full-year profit plunged, missing estimates, because of the negative impact of the government’s price cap and declining natural gas prices. The UK’s biggest energy supplier to homes also booked an impairment of more than £1.1bil (US$1.4bil) because of a decline in the value of the company’s oil, gas and nuclear assets.
Adjusted operating profit dropped 35% to £901mil, missing analyst estimates of £974mil, the company said in a statement. The net exceptional charge was also due to a reduction in commodity price forecasts and restructuring costs of £356mil pounds.