CANBERRA: Australia’s second-largest energy retailer AGL Energy Ltd on Feb. 10, Australia time, reported a statutory loss after tax of AU$449 million (US$317 million) after writing down the value of its gas E&P business.
The loss for the six months ended Dec. 31 compared with AU$308 million profit a year ago. Underlying earnings rose 24.2% to AU$375 million, broadly in line with analyst expectations.
AGL said its full year underlying profit would be in the upper half of a guidance range of AU$650 to AU$720 million, “subject to normal trading conditions for the remainder of the year.”
The company declared an interim dividend of 32.0 Australian cents per share fully franked, up two cents per share from a year ago. AGL last week announced it had quit its coal-seam gas business as plunging oil prices undermined the economics of the projects, highlighting the pressure on Australia’s energy industry. ($1 = 1.4148 Australian dollars)
