Third quarter figures posted by FPL Group Inc. have revealed the company's tumbling profits which have plunged by a whopping 31%. Weak electricity demands and the economic downturn are being looked at as possible reasons for the disappointing figures which fall much below estimates pegged by Wall Street analysts. 

As per the figures reported by the company, the third quarter saw a profit of $533 Million, which put the price of each share at $1.31. These figures are much lower than the ones reported for the same period last year, which stood at $774 Million, $1.92 for each share. The revenue reported was also down 17%. 

In light of the low figures, the company has lowered its 2010 earnings forecast, which now stands at $4.25 per share and is significantly less than what was estimated by the firm after it has seen a sudden boom in July. The then pegged forecast was at $4.65-$5.05 per share.  Wall Street analysts polled by Thomson Reuters had estimated that FPL's revenue would stand at $4.96 Billion and pegged the price of one share at around $1.41.

The final figures have been much lower and thus a disappointment. FPL is now looking to improve its market share and earnings.