Australia's AGL Energy forecasts lower profit in fiscal 2025 (updated)

AGL Energy

14/08/2024 24:03

(Recasts with forecast, adds details from paragraph 2)
       Aug 14 (Reuters) - Australia's AGL Energy  AGL.AX 
forecast lower underlying earnings for the current financial
year after reporting a nearly threefold jump in its fiscal 2024
profit on Wednesday, boosted by higher wholesale prices and a
robust retail business.
        For the year ending June 30, 2025, the country's top
power producer expects underlying profit between A$530 million
($351.66 million) and A$730 million. That compares with a
Visible Alpha consensus of A$619 million and fiscal 2024's A$812
million, which was nearly triple the 
    prior year's A$281 million
    .
  
        AGL said the expected decrease in profit for the current
fiscal mainly reflects wholesale electricity prices resetting
lower through contract positions, consumer margin compression
after heightened market activity and increased depreciation and
amortisation.
  
        It declared a final dividend of 35 Australian cents per
share for the year ending June 2024, above 23 cents declared in
the prior fiscal.
  

    ($1 = 1.5076 Australian dollars)
  

 (Reporting by Himanshi Akhand and Sameer Manekar in Bengaluru;
Editing by Pooja Desai)
 ((Himanshi.Akhand@thomsonreuters.com;
Sameer.Manekar@thomsonreuters.com;))