AGL Energy (ASX:AGL) reports 22% dip in underlying profit

AGL Energy (ASX:AGL) has reported a 22 per cent drop in underlying profit after tax to $816 million this financial year compared to $1.04 billion FY19, in line with the guidance range of $780 million to $860 million provided in August 2019.

The drivers in the decreased profit was an outage at Loy Yang, a drop in gas sales and reduced wholesale electricity.

Net profit after tax was $1.015 billion, up 12 percent on FY19, driven by domestic consumption.

The energy company declared a final year dividend of 51 cents per share, 80 per cent franked, to be paid on 25 September 2020.

Guidance for FY21 underlying profit after tax is between $560 million and $660 million, which includes an expected $80 million to $100 million after tax benefit from insurance proceeds relating to the unplanned outage at Loy Yang.

Shares in AGL Energy (ASX:AGL) are trading 8.18 per cent lower at $15.60. 
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Source: Finance News Network