The Jamaica Public Service Company (JPS) has released its 2014 annual report which shows it made a net profit of US$23 million. This was an increase from US$9 million in the previous year.
The JPS, in a statement, said this was achieved through prudent management of expenses, and despite challenges outside its control.
The company ended the year with Operating and Maintenance expenditure US$10 million less than budgeted, contributing to the overall positive year-end results.
The light and power company, in the meantime, has attributed a one per cent decline in sales to the difficult economic environment, continuing a trend seen in recent years.
System Losses increased by just over one per cent, ending the year at 26.6 per cent.
Electricity theft resulted in a net penalty of US$18.4 million to JPS on the cost of fuel used in electricity generation.
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