AGL Energy profit increase | Finance News Network

AGL Energy profit increase

Company News

by Kathy Skantzos

Energy company AGL Energy (ASX:AGL) reports statutory profit after tax of $622 million for the half year, a 91 per cent increase on the prior corresponding period.

Underlying profit after tax, which excludes movements in the fair value of financial instruments, was $493 million, a 27 per cent increase.

Statutory earnings per share increased 97 per cent to 94.8 cents a share, taking underlying earnings per share to 75.2 cents, a 30 per cent increase.

The company says the increase reflects continued underlying earnings and strong margin growth in wholesale markets, which offset a small decline in customer markets and planned increases in operating expenditure.

The company has declared an interim dividend of 54 cents per share, 80 per cent franked, a 32 per cent increase or 13 cents more, compared to the previous interim period, which is consistent with its target payout ratio of 75 per cent of underlying profit after tax.

Shares in AGL Energy (ASX:AGL) are trading 1.82 per cent lower at $22.06.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.