MELBOURNE: AGL Energy, Australia’s top power producer, reported a 10% rise in half-year underlying profit, but warned that profits would be weaker in the next six months as it steps up spending on maintaining its ageing coal-fired plants.
Earnings in the second-half of the financial year that started in July will also be hit by lower gas sales to large business clients, a continued price war for customers and retail electricity price cuts in the state of Victoria, new chief executive brett Redman said yesterday.
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