AGL Energy Ltd
(ASX:AGK) has today upgraded its earnings guidance for fiscal 2010 on continued strength in its underlying business.
The power company says it now expects underlying net profit after tax of between $420 and $430 million for the 12 months to June 30, 2010.
This compares to previous guidance for earnings of between $390 and $420 million.
AGL says the revised guidance is based on unaudited figures for the 11 months to May 31, 2010 and reflects the continued strong performance if the company’s underlying business.
AGL is to release its 2010 full year results on August 26, 2010.
Earlier this month Standard & Poors reaffirmed its stable credit rating for the company and reduced the amount required to be capitalized for the payment stream arising under the wind farm Power Purchase Agreements from 100% to 50%.
AGL Energy reported a profit of $1.596 billion for the 2009 financial year.
