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Drax pre-tax profits rise on stronger power sales

Reuters - UK Focus

LONDON, Feb 24 (Reuters) - British power producer Drax reported a rise in 2014 pre-tax profit on Tuesday as it made more money from selling electricity but warned of a challenging year ahead due to an expected fall in profits from burning biomass in power plants.

Pre (Shanghai: 600048.SS - news) -tax profit rose to 166 million pounds from 32 million helped by a 38 percent rise in revenue to 2.45 billion pounds.

Drax said it would pay a total dividend of 11.9 pence per share for 2014, down from 17.6 pence.

The power producer also reiterated plans to convert a third coal-fired power unit to run on biomass. (Reporting by Karolin Schaps; editing by Jason Neely)