AGL Energy: Result 2013

AGL Energy is coping well with industry change and it will benefit from the repeal of the carbon tax. Yet it is no bargain, explains Gaurav Sodhi.

The headline result certainly sounded impressive, with AGL Energy’s statutory profit rocketing 238% to $388m. Even on an underlying basis, which excludes oddities like derivative movements, net profit rose 24% to $598m. From underlying earnings per share of $1.08, up 8.8%, a final dividend of $0.33 was declared (fully franked, ex date already past), taking full year dividends to $0.63 to give a current yield of 4.1%.

The profit surge was entirely due to the debut contribution from Loy Yang A, one of the largest generators in the land.



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