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AGL Energy posts $449m loss on gas write-downs

Wednesday, 10 Feb 2016 07:53:21 | Thuy Ong

AGL's profit fell on large write-downs to its coal seam gas business.

Energy retail giant AGL has reported a statutory loss after tax of $449 million on write-downs to its coal seam gas assets.

AGL Energy took a hit to its bottom line after writing down its gas exploration and production assets earlier this month.

The result was $757 million below the prior corresponding period, but the company said its full-year underlying profit is expected to be within the upper half of the guidance range of $650 million to $720 million.

The company flagged that range would be "subject to normal trading conditions for the remainder of the year".

In a statement released to the ASX, managing director Andy Vesey said the company is well positioned to capitalise on the evolution of the energy sector.

"Part of that evolution is supporting Australia's transition to a lower carbon generation portfolio," he said.

AGL also announced the launch of a renewable fund to help achieve $2 billion to $3 billion of investment in large scale renewables.

"Our attendance at the United Nations climate conference in Paris last December, we affirmed the importance of the generation industry moving towards a decarbonised future," AGL managing director Andy Vesey told investors during a teleconference.

"The initiative AGL is announcing today will provide investment of around 1,000 megawatts of renewable energy projects in the national energy market."

Shares in AGL were 0.6 per cent higher to $18.92 by 12:00pm (AEDT), compared to a fall of 1.2 per cent on the broader market.

Its shares touched a record intraday high of $19.65 before giving back most gains.

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