Manx Utilities reveals £42 million loss despite £37 million gross profit

Manx Utilities more than tripled its gross profits last year - but still ended up making a massive loss.

The organisation's annual report is due to be presented to Tynwald next month.

In it, the authority reveals it made a gross profit of £37.3 million, compared to £10.8 million the previous year.

But after all its costs were taken into account, the report shows an overall loss of £42.2 million - in the previous year it made £18.1 million.

Manx Utilities dipped into its reserves to cover the shortfall.