Vintage year for AGL

AGL has reported a statutory net profit after tax decline of 79.4% financial year on year but underlying profit is up 11.8% to $482 million.
Vintage year for AGL Vintage year for AGL Vintage year for AGL Vintage year for AGL Vintage year for AGL

The Loy Yang Power Station

James McGrath

Its NPAT decline is largely down to its acquisition of the Loy Yang A coal-fired power plant in New South Wales during the year, with its underlying profit in line with guidance.

On the electricity retail front, AGL was able to grow its customer base by 180,000 during the year, with a net increase of 32.5% recorded in NSW.

It was a big year for AGL, which not only picked up the Loy Yang A plant but also put in a successful bid under the federal government’s solar flagship program and won the right to supply long-term gas and power to Xstrata’s Mount Isa project.

Meanwhile its gas reserves grew slightly over the year, up 3.7% to 2166 petajoules of proved and probable reserves.

It said it added 90PJ on 2P and 355PJ on 3P, while it produced a total of 12PJ.

Meanwhile, it was a vintage year for its burgeoning wine business which picked up a gold medal at the Hunter Valley Wine Show for its Semillon.

It has been hard at work at its Spring Mountain vineyard in the Hunter Valley, a property AGL picked up to prove that CSG and vineyards could coexist.

This article first appeared in ILN's sister publication

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