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AGL posts $408m loss, hit by write down on coal, gas assets

Thursday 11th of August 2016 08:18:45 AM



AGL has posted a net loss of $408 million for the full year, hit by a write-down on its coal seam gas assets.

In February Australia’s top power retailer said its natural gas assets would no longer be a core business for the company because of the “volatility of commodity prices and long development lead times”, leading to an impairment charge of $795 million before tax.

Its underlying profit came in at $701 million, a rise of 11 per cent compared to the prior year.

“Our key generation assets, wholesale market operations and customer portfolios delivered a strong underlying profit result,” chief executive Andy Vesey said in a statement to the ASX.

“This reflects our focus on operational execution and driving value through margin cost discipline at the same time as we undertake the transformation of AGL.”

It also flagged it would no longer proceed with its Gloucester Gas Project, with operations expected to cease by 2023.

AGL said it has undergone significant restructuring to a new operating model, which resulted in a cost of $60 million, but said it expects to deliver earnings growth in 2017.



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