AGL says power prices will remain high

August 10, 2017

Energy provider and retailer AGL has made a $539m annual profit and says earnings will grow in FY18.

Strong underlying earnings growth has helped AGL Energy swing to a full-year net profit of $539 million, from its previous year's $408 million loss which was hit by significant items and fair-value movements.

Australia's second-largest energy retailer's underlying profit for the year to June 30, which excludes significant items, was up 14.4 per cent to $802 million, while revenue grew 12.9 per cent to $12.6 billion.

The company will pay a partially franked final dividend of 50 cents per share, up 14 cents on the previous final payout.

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