AGL profits power up

AGL has boosted full-year profits courtesy of a surge in wholesale power prices which helped counter lower retail earnings.

The energy retailer’s statutory net profit for 2017-18 surged to $1.587 billion, nearly three times higher than the year before due to changes to valuations of hedging contracts.

AGL’s underlying profit for the year to June 30 was up 27.6 per cent to $1.023 billion, while revenue grew 1.8 per cent to $12.816 billion.