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AGL Energy Limited (ASX:AGK) says its acquisition of Australia’s third largest coal fired power station contributed to a significant rise in its first half net profit.
Earnings from the Loy Yang power plant in Victoria boosted the energy company’s profit to $365 million in the period, from $117 million the year before.
AGL acquired Loy Yang in June last year.
Australia’s second largest energy company cautioned its second half profit growth would be impacted by volatile wholesale electricity prices, price de-regulation in South Australia and low demand.
AGL grew its customer base by 1.6 per cent in the period, and re-affirmed its underlying profit guidance of between $590 and $640 million for the full year.
AGL will pay shareholders a slightly increased fully franked interim dividend of 30 cents a share.