Jersey Electricity's pre-tax profits fell by 77% to ã1.4m according to unaudited results for the six months to the end of March.

Group turnover rose by 5% to ã56.8m but the cost of sales increased by ã7.5m due mainly to the increased use of oil for on-island generation than in the previous year.

Operating expenses at ã9.7m were at the same level as last year. Earnings per share fell by 78% in line with profit movements.

The company's unaudited interim management report says: "As indicated in our last interim management statement in January 2013, the change in operating regime, due to the reduced ability to import electricity from France, will result in a swing in profitability from the first half to the second half of the financial year when compared to financial results reported in prior years.

"We expect the second half of our financial year to benefit from a lower cost base as the proportion of imports increase and it will also be aided by the customer tariff rise implemented on 1 January 2013."

At 9:30am: (LON:JEL) Jersey Electricity Company (The) share price was 0p at 287.5p