Business
AGL posts $2.29b first-half loss due to write-downs – The Australian Financial Review
The country’s biggest electricity and gas retailer will cut spending and costs in response to wholesale power prices that have fallen more quickly than anticipated…
Underlying profit, which excludes the one-off items, fell 26.6 per cent in the six months ended December 31 to $317 million, amid wholesale power prices that are at six-year lows and higher costs.
While AGL retained its full-year guidance for underlying profit, that was only possible as it includes up to $100 million of insurance proceeds from a unit outage at the Loy Yang coal power plant in Victoria last financial year.
The underlying profit was 17 per cent below the estimate of JPMorgan, where…
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