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Utilities companies show strong profit

Utilities companies post profits 16000646 800468132 0 0 7075271 300

The Commonwealth Bank's company profits report for the June quarter has shown that energy companies posted strong profits.

According to the new figures, the utilities sector was amongst the highest performing outside of the mining industry.

Second quarter profits were up 14.9 per cent for energy companies, with 7.3 per cent for the 12 months to June 2011.

Total business profits saw an overall rise of 6.7 per cent rise across all sectors.

Other industries that posted increases included construction, accommodation and transport services.

The news may be received with mixed reactions by everyday Australians who are struggling with the current cost of electricity prices.

Consumer concern over the household budget can be seen in the figures for retail profits.

According to the report: "Retail spending would be higher if confidence levels lift and apprehension about the future declines."

Australians have grown more cautious with their spending, with many feeling that the cost of living is rising ahead of wages.

Households wanting to save on their energy bill may wish to consult a switching service, which will be able to assess whether or not cheaper rates are being offered in their region.