Singapore Power has reported a 126% jump in full-year net profit to S$749 million despite a 13% drop in revenue to S$4.38 billion. (US$1=S$1.75).

The company attributed the profit rise to an exceptional gain of S$61m compared to an exceptional loss of S$340m previously.

“The drop in revenue was mainly due to the launch of the New Electricity Market (NEM) in January 2003 to facilitate competition in the industry. The new market regime, in the first instance, allows “contestable” electricity customers i.e. those with contracted capacity of 2MW or more to switch to purchase their electricity directly from new retailers in the liberalised market,” the company said in a statement.

SP’s operating profit before exceptional items fell by 0.7%, from $964 million to $957 million. It said the marginal fall was due to better cost management and greater efficiencies in operations.

As at March 31 2003, it had assets valued at S$13.528 billion.

During the year in review, subsidiary PowerGrid Lmited transmitted 31,446 kWh of electricity, up by 5% from 29,960 kWh.

Another subsidiary, PowerGas, transported 1,403 million units of gas, a rise of 2.18% over the previous year. It is also embarking on a programme to convert the town gas network into a natural gas network to prepare Singapore residences and commercial facilities for the use of natural gas. The full conversion process is expected to take about five to six years.