One of Australia's largest integrated energy companies, AGL Energy, has reported a net profit after tax of $410.5 million in the first financial year of operations since its demerger. However, the company has reportedly lost around 90,000 gas and electricity customers.
AGL chairman Mark Johnson said that the underlying pro-forma profit of $326 million included profit before any acquisitions of $320 million, directly comparable to the forecast of $321 million in last year’s scheme booklet, which detailed the merger with Alinta and subsequent demerger of the group’s energy assets.
Mr Johnson said: This is a very pleasing result given the tumultuous times experienced in the energy markets, where we have seen the most volatile pricing periods in the history of the national electricity market.
This volatility meant our electricity derivatives book had a fair value at year end of nearly $4 billion. Under international accounting standards, more than $400 million of these fair value movements have been added to statutory earnings before interest and tax (EBIT). We do not consider this increase in EBIT to be underlying business and it has been removed from the pro-forma result.
AGL reported revenue of $3.8 billion, earnings before interest, tax, depreciation and amortization (EBITDA) of $849.9 million and earnings per share of 148.5 cents.
However, according to The Age, the company has lost around 90,000 of its gas and power customers over the past year, largely due to price hikes.