AGL today reported Statutory Profit after tax of $539 million for the financial year ended 30 June 2017, compared with a Statutory Loss after tax of $408 million in the prior financial year. The increase reflected strong underlying earnings growth, the non-recurrence of significant items that impacted the FY16 statutory result and a decrease in the movement in the fair value of financial instruments.
Underlying Profit after tax, which excludes significant items and movements in the fair value of financial instruments, was $802 million, up 14 percent and above AGL’s guidance range of $720 million to $800 million. The increase was driven by the optimisation of AGL’s portfolio to realise the benefit of recent conditions in the wholesale electricity market and by AGL’s transformation efforts, more than offsetting higher commodity costs and a reduction in wholesale gas margins.
Profit and dividend summary:
- Statutory Profit after tax: $539 million, up from a Statutory Loss after tax of $(408) million in FY16
- Underlying Profit after tax: $802 million, up 14 percent
- Statutory earnings per share: 80.5 cents per share, up 141.0 cents per share
- Underlying earnings per share: 119.8 cents per share, up 15.9 cents per share
- Final dividend: 50 cents per share (80 percent franked)
For further information on AGL's FY17 results and FY18 earnings guidance see our release here.