BRITISH Gas owner Centrica yesterday reported profits of £1.44bn for last year.

The figure, which was down five per cent on the previous year, included profits of £95m from the company's residential energy arm after the division made a loss in the first half of the year.

British Gas recently announced a fall in tariffs after losing a million customers last year because of rising energy bills. Turnover for the division was up 18 per cent to £7.1bn due to price increases in March and September, which were imposed in order to cover a surge of 42 per cent in wholesale gas prices over the course of the year.

The residential arm made losses of £143m in the first half of the year, but achieved profits of £238m in the second half.