Integrated energy company, AGL Energy (AGK) issued a $598m underlying profit for FY13; largely in line with market expectations

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Integrated energy company, AGL Energy (AGK) issued a $598m underlying profit for FY13; largely in line with market expectations. The result was driven by the successful integration of its recently acquired Loy Yang power station in VIC. The brown coal fired facility produces close to a third of VIC's electricity needs. A significant $343.7m write-down of its NSW coal-seam gas assets held back the NPAT result. The full year distribution (interim + final dividend) of $0.63ps was in line with expectations. Looking ahead, AGK will provide guidance for FY14 at its AGM on 23 Oct. AGK said the impact of carbon on working capital is not significant. $240.1m was received in 'Carbon Assistance funds' over the year. AGK shares rose strongly in response to the result, reducing the losses for this calendar year to just shy of 3%. Visit (VIEW LINK)

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