Topeka ? Westar Energy Inc. announced Thursday it swung to a profit in 2003, earning $84 million compared with a loss of $793.4 million during the previous year.

Westar, the state’s largest electric utility, earned $1.16 per share in 2003, up from a loss of $11.06 in 2002. Company officials gave guidance on future earnings, placing a target of $1.50 to $1.60 on earnings per share in 2004.

The company did not offer earnings guidance for 2005 but said it generally expected growth to continue, based on current market assumptions and the continued reduction of debt.

Westar attributed the improvement to the sale of nonutility assets, including the recent sale of Protection One, a monitored security company. State regulators had ordered Westar in 2002 to reduce its debt and shed most, if not all, of its nonutility assets.

“We have returned to our roots as a pure Kansas electric utility,” said Jim Haines, Westar’s president and chief executive officer.

Westar reported earnings of $13.7 million, or 19 cents a share, for the fourth quarter of 2003, compared with a loss of $99.6 million, or $1.39 per share, during the same period in 2002.

“For our customers, they should take a great deal of comfort that Westar’s financial situation has stabilized, and quality is that of what you would expect from an electric company,” Haines said.

Company officials said they planned to increase dividends — now 76 cents annually — later this year, as Westar reaches its goals for debt reduction. Westar’s debt once reached $3.6 billion, but officials said it had dropped to $2.1 billion in the past year.

Westar is obligated to make rate rebates to customers beginning in May 2005 and again in January 2006. Jim Zakoura, an attorney representing Westar’s large commercial and industrial customers, said the company should consider stepping up those dates if it has the money.