Australia's AGL Energy Reports A$408 mn Full Year Loss

Australia’s AGL Energy Limited on Thursday reported a statutory loss after tax of A$408 million for the financial year ended 30 June 2016.

This was A$626 million less than the previous financial year, primarily reflecting significant items associated with the exit of gas exploration and production assets announced in February 2016 and with changes in the fair value of certain electricity derivatives, the company stated.

However, underlying profit was A$701 million, up 11.3 percent. AGL’s revenue rose 4.4 per cent to A$11.15 billion, while pre-tax natural gas impairment and exit charges were $795 million.