Buyer and seller of gas and electricity AGL Energy Ltd
(ASX:AGK) has reported an 88.9% drop in statutory profit today to $183.7 million for the half year.
The result compares to profit of $1.655 billion for the same time a year ago.
Underlying net profit however rose 22% to $234.8 million up from $192.5 million the year before.
Revenue rose 6.9% to $3.2 billion, with AGL declaring an interim dividend of 29 cents a share, up from 26 cents in the first half of fiscal 2009.
Managing Director Michael Fraser says all of AGL’s businesses performed well during the half but it was the strength of its retail business that underpinned the 22% improvement in profitability with continued growth in customer numbers and customer profitability.
Mr Fraser says the company is on track to meet its full year guidance for underlying net profit after tax of between $390 million and $420 million and is well placed to continue to grow through a combination of organic growth and acquisitions.
For the 12 months to June 30, 2009 AGL Energy reported net profit after tax of $1.596 billion.
