AGL Energy, a major electricity and gas supplier in Australia, has reported a 21.2 per cent decrease in full-year core profit. The decline is attributed to reduced wholesale power prices and tighter margins in the energy retail sector, driven by increasing competition. AGL Energy is an Australian energy company focused on providing gas and electricity to millions of homes and businesses. The company also invests in renewable energy sources to support a sustainable energy future.
The bottom line reflected a loss of $98 million, a significant downturn from the $711 million profit recorded the previous year. This was impacted by a $596 million charge. However, total revenue saw an increase of 6 per cent, reaching $14.4 billion for the period.
Underlying net profit, which is closely monitored by the market, decreased to $640 million for the year ending June 30. This is a drop from the previous year’s $812 million. The reported figure fell short of the consensus forecast of $670 million. Still, it remained within the updated guidance provided by AGL in February, which projected a full-year underlying net profit between $580 million and $710 million.
The company continues to navigate a challenging market environment marked by fluctuating energy prices and intensifying competitive pressures.
