AGL Posts Good 1H; Profit Up 27% and on Track to Hit Middle of Guidance
Narrow-moat-rated AGL Energy posted a good first-half result, in line with expectations. Underlying net profit after tax was up 27% to AUD 493 million and management said full-year profit is tracking in line with the middle of the AUD 0.94 to 1.04 billion guidance range. The market was expecting a good result but was perhaps a little disappointed with cost pressure amid strong retail competition. Our fiscal 2018 underlying net profit after tax forecast reduces 1% to AUD 1.0 billion, but we incre...
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