AGL posts full-year loss after gas write-downs

AGL

AGL Energy transition out of gas fired energy has weighed heavily on the company’s annual profit figures, with the announcement of a $408 million full-year net loss.

The result was down from a $218 million profit in the 2015 financial year.

But, underlying profit for the year to June 30 was up 11.3 per cent at $701 million.

AGL did not provide guidance for FY17 but said it expects to deliver earnings growth despite unseasonably mild weather in July, a reduction in its gas portfolio margin, a competitive electricity price environment, and ongoing enterprise bargaining agreements at two of its major power plants.

The company will pay a fully franked final dividend of 36 cents per share.