CANBERA (dpa-AFX) - AGL Energy Limited (AGK.AX), a seller and distributor of gas and electricity in Australia, Thursday reported a growth in its profit for the half year, reflecting lower negative fair value movement, due to lower short-term forward electricity prices. However, underlying profit slid from last year, hurt by Loy Yang outage, depreciation, market headwinds.
The group's profit after tax rose more than 11 percent to A$323 million, and earnings per share increased over 12 percent to 49.7 cents.
On underlying basis, profit after tax was at A$432 million, 19.6 percent lower than last year. On the same basis, earnings per share declined nearly 19 percent to 66.4 cents.
Meanwhile, the Group's revenue for the first half stood at A$6.3 billion.
Looking ahead to the remainder of the full year 2020, the Australian Group expects underlying profit after tax in upper half of A$780 million - A$860 million range.
Copyright RTT News/dpa-AFX
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