This what happens when there’s a warm winter in Sydney: heating isn’t needed and the profits of gas company AGL take a big hit.
Sydney had its warmest winter on record in 2013 with an average maximum of 19.6 degrees and an average minimum of 10.4.
And here’s the damage for the six months to the end of December:
- Revenue $4,842 million, down 2.6%
- NPAT (Net Profit After Tax) $261 million, down 27.1%
- Underlying Profit $242 million, down 11.4%
- Statutory EPS (Earnings Per Share) 46.9 cents per share, down 28.2%
And a some good news with the 2014 interim fully franked dividend of 30 cents per share unchanged.
Michael Fraser, AGL managing director, said: “This is a solid result in a difficult operating environment, with record warm weather conditions during the winter months and a further drop in customer demand for energy.”