AGL Energy (ASX:AGL) reports net loss of 808% 1H FY2020

Company News

by Melissa Darmawan

AGL Energy (ASX:AGL) reports a net loss of $2.28 billion dollars for the first half of the financial year 2020, that’s down 808 per cent on the prior corresponding period.

This included a $2.6 billion write-down, related to long-term wind farm offtake agreements between 2006 and 2012, when the cost of wind energy was significantly higher.

EBITDA was down 13 per cent to $926 million on first half of 2020.

Underlying profit after tax is down 27 per cent to $317 million which includes $74 million of insurance receipts relating to an unplanned outage at their power station in Latrobe Valley in Victoria.

The company will pay an interim dividend of 31 cents per share and a special dividend of 10 cents, that's compared with 47.0 cents per share for the prior interim dividend.

Shares in AGL (ASX:AGL) are trading 0.54 per cent higher at $11.22.