AGL Energy (ASX:AGL) has reported a 22 per cent drop in underlying profit after tax to $816 million this financial year compared to $1.04 billion FY19, in line with the guidance range of $780 million to $860 million provided in August 2019.
The drivers in the decreased profit was an outage at Loy Yang, a drop in gas sales and reduced wholesale electricity.
Net profit after tax was $1.015 billion, up 12 percent on FY19, driven by domestic consumption.
The energy company declared a final year dividend of 51 cents per share, 80 per cent franked, to be paid on 25 September 2020.
Guidance for FY21 underlying profit after tax is between $560 million and $660 million, which includes an expected $80 million to $100 million after tax benefit from insurance proceeds relating to the unplanned outage at Loy Yang.
Shares in AGL Energy (ASX:AGL) are trading 8.18 per cent lower at $15.60.