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AGL Energy Limited (ASX:AGK) has reported a fall in its first half net and underlying profit and revenue but forecast an improvement in the second half and affirmed its full year underlying profit guidance.
The gas and electricity retailer’s interim net profit dropped 27.1 per cent to $261 million as its underlying profit declined 11.4 per cent and revenue dipped 2.6 per cent.
AGL says the solid result was achieved in a difficult operating environment with record warm weather conditions during the winter months and a further drop in customer demand for energy.
Looking ahead the company says it will see a big step up in its Queensland gas sales next year and the benefits of reduced customer churn and discounting begin to flow.
AGL also expects its second half performance to improve following a full six month contribution from its Australian Power and Gas acquisition.
A fully-franked interim dividend of 30 cents per share has been declared.