AGL Energy Ltd Impairments pressure
Impairments pressure: AGL Energy Ltd (ASX: AGL) has reported Statutory Profit after tax of $325 million in 1H 17, which is $774 million more than the prior corresponding period. But the group witnessed the impact of impairments and movements in the fair value of financial instruments in the prior corresponding period. However, the Underlying Profit after tax grew 4% to $389 million as a result of strength in the wholesale electricity market and the ongoing delivery of AGL’s cost reduction programs, offsetting a decline in gas margins. Moreover, AGL expects the Underlying Profit after tax for FY 17 to be within the upper half of its guidance range of $720 million to $800 million, subject to normal trading conditions for the remainder of the financial year. On the other hand, the group’s net tangible asset backing per share fell 0.1% to $7.23 during the period. AGL stock has risen 26.01% in the last six months as on February 10, 2017, and is now trading at higher levels.
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