AGL Energy Limited
(ASX:AGK) has unveiled its annual results for the 2014 financial year and announced a $1.2 billion capital raising.
The energy producer’s net profit jumped 52 per cent to $570 million while its underlying profit slipped 3.9 per cent to $562 million.
AGL has attributed the higher net profit to a fall in significant items from the year before while the underlying profit declined amid lower demand over a record warm winter.
The $1.2 billion capital raising will be conducted to partially fund AGL’s $1.5 billion acquisition of New South Wales power producer Macquarie Generation.
A final fully franked dividend of 33 cents per share has been declared, bringing the full year payout to 63 cents per share.
