AGL Energy’s half-year profit has fallen 19.6 per cent and the company has reduced its interim dividend payout, hurt by weaker power prices and an outage at its Loy Yang coal-powered plant in southeastern Victoria.
Underlying net profit, which omits one-off items, for the six months to December 31 fell to $432 million from $537 million last year.
The profit, however, beat Morgan Stanley’s estimates of $363 million.
AGL also announced that its underlying full-year profit would be in the upper half of the previously announced range of $780 million to $860 million.
At 1020 AEDT AGL shares were up 5.2 per cent at $20.53.
“Our 2020 half-year results reflects a disciplined approach to executing our strategy and operating the business amid increasing challenges,” chief executive Brett Redman said.
Australia’s top power producer declared an interim dividend of 47 cents per share, smaller than the 55 cents per share a year ago.
AGL’s net cash from operating activities rose 67 per cent to $1.13 billion, and its energy customers rose by 36,000 to 3.7 million in the period.
AAP
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