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AGL Energy H1 Profit Rises; Backs FY18 Profit Outlook

AGL Energy Limited (AGK.AX) reported that its Statutory Profit after tax for the six months ended 31 December 2017 was A$622 million, an increase of 91 percent on the prior corresponding period. The increase reflected continued underlying earnings growth and a positive movement in the fair value of financial instruments used for hedging activities of A$127 million.

Underlying Profit after tax, which excludes significant items and movements in the fair value of financial instruments, was A$493 million, up 27 percent. The increase reflected strong margin growth in Wholesale Markets, which more than offset a small decline in Customer Markets margin and planned increases in operating expenditure to support consumer market activity, growth and transformation activities.

AGL has declared an interim dividend of 54 cents per share, 80 percent franked, an increase of 32 percent or 13 cents per share on the previous interim dividend.

AGL continues to expect Underlying Profit after tax in the financial year ending 30 June 2018 within the previously stated range of A$940 million to A$1.04 billion. AGL's current expectations are consistent with the middle of this range.

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