Tuesday, October 14, 2008

AGL confirms $390m profit forecast

AGL Energy has confirmed its earning guidance for fiscal 2009, forecasting net profit after tax of between $360 million and $390 million.

The energy and gas company's net profit for the 12 months to June this year was $229 million.

Managing director Michael Fraser also confirmed today AGL's fiscal 2009 earnings before interest, tax, depreciation and amortisation (EBITDA) would be between $870 million and $915 million.

The previous year's EBIT was $703.2 million, with about 43 per cent of that generated by the company's merchant energy business.

Mr Fraser said the first quarter of the 2009 financial year had been solid for the company, with a favourable performance of AGL's electricity and wholesale gas components.

Winter weather outcomes had been favourable for the company, and customer numbers have been maintained in a highly competitive market, he said.

Mr Fraser said further profit guidance would be issued after the sale of AGL's 3.6 per cent stake in the ExxonMobil-led liquefied natural gas project in Papua New Guinea, expected before December 31.

The sale would impact earnings before interest, tax, depreciation and amortisation (EBITDA) but not NPAT, he said

 

 




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