AGL underlying profit climbs 22%
AGL Energy Limited (AGK) said its statutory post-tax profit was down 88.9% to $183.7 million for the six months to 31 December 2009. At the same time, AGL has reaffirmed full-year earnings guidance for underlying NPAT of between $390 million to $420 million despite mild temperatures in southern states.
Last year’s statutory profit of $1.65 billion was boosted by assets sales, with underlying post-tax profit for the half-year ended 31 December 2009 of $234.8 million, up 22.0%.
Managing director Michael Fraser said that the growth in the company was underpinned by strength in the retail business, which had seen an increase in both customer numbers and customer profitability.
“Importantly, we are on track to meet our full-year guidance of $390 million to $420 million and are well placed to continue to grow through a combination of organic growth and acquisitions.”
Looking ahead AGL said that although it expected that any privatisation of electricity assets in NSW would not happen before this financial year, it remained ‘interested’ in evaluating assets for sale.
Looking at the numbers for its key Retail Energy division, operating EBIT was $183.5 million, up 25.9% on the prior corresponding period.
Importantly, AGL said, dual fuel customers grew by 76,500, or 6.2% to 1.32 million.
”Now 40.9% of AGL’s customer accounts source both electricity and gas from AGL,” the company said.
The board declared a dividend of 29c per share, up from 26c per share in the previous corresponding period.
At 1145 AEDT, AGL Energy shares were trading up 49c to $14.29.
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