Electricity price rises power AGL profit

AGL has recorded a 91 per cent leap in profits as the company rides the wave of increasing wholesale electricity prices.

The company's statutory profit almost doubled to $622 million in the six months to December 31, from $325 million in the December 2016 half.

Underlying profit jumped 26.7 per cent to $493 million in the same period, from $389 million. Photo: Bloomberg

Underlying profit jumped 26.7 per cent to $493 million in the same period, from $389 million.

Much of the increase was driven by rising wholesale electricity prices. Energy prices increased 12.3 per cent over 2017.

AGL's gross revenue increased 7 per cent to $6.45 billion, from $6.03 billion previously.

Dividends also leapt by nearly a third to reach 54 cents, 80 per cent franked.

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