Oz AGL's Full Year Underlying Profit Down 22%

Australian energy retailer AGL Energy August 13 reported a 22% yr/yr drop in underlying net profit for the 12 months to June 30 (FY2020), primarily due to the outage of unit 2 at AGL Loy Yang power station and reduced gas volumes.

AGL’s underlying profit after tax, which strips out one-off items, was A$816mn (US$585mn) compared with A$1.04bn last year, in line with the guidance range of A$780mn-$860mn.

The company expects underlying profit after tax to be between A$560mn and $660mn in FY2021. This includes an expected A$80mn to A$100mn after tax benefit from insurance proceeds relating to the unplanned outage at AGL Loy Yang Unit 2 that impacted FY2020.

AGL operates Australia’s largest electricity portfolio including coal and gas-fired generation, and renewables including wind, hydro and solar.