AGL Energy: Interim result 2013

The acquisition of a giant power plant has offset a deterioration elsewhere in this energy provider's business.

If Origin Energy’s interim result foretold of structural change in the energy retail market, AGL Energy shows little sign of deterioration, at least not at first glance. Revenue climbed 38% to $4.9bn, generating underlying net profit of $279m, up 20% from last year. From underlying earnings per share of 51 cents, up 5%, a fully franked dividend of 30 cents was declared (ex date 5 March).

How has AGL managed to maintain soaring profits while Origin’s retail activities have waned? A breakdown of where AGL made its money is instructive.

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