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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.