AGL Energy to buy Perth Energy

Company News

by Rachael Jones

AGL Energy (ASX:AGL) beat expectations for full-year profits, reporting earnings of $1.04 billion, up 2.2 per cent from the previous year.

Net profit for the year ended June 30 fell 42.8 per cent to $905 million on sales that edged up 3.4 per cent to $13.2 billion.

Revenue was up 3.4 per cent to $13.2 billion.

Meanwhile, Infratil (ASX:IFT) has announced the conditional sale of Perth Energy to AGL.

Infratil expects to receive cash proceeds of approximately $55.0 million for its 80 per cent shareholding.

This is expected to happen before 30th September this year.

Shares in AGL Energy (ASX:AGL) closed 1.06 per cent higher at $20.00 yesterday.

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