AGL Energy profit falls 58 per cent

Electricity retailer AGL’s profit has slumped almost 60 per cent in the recent financial year, which was plagued by coal plant outages and strategy failures.

Sky News Business Reporter Edward Boyd says AGL’s underlying profit was “slightly under expectations”.

He said the energy giant was forced to scrap its demerger plans in May after receiving “a lot of opposition to that from shareholders,” including billionaire Mike Cannon-Brookes.

“For the most of this financial year, AGL has spent a lot of time trying to convince shareholders why it needed to split itself into two separate companies,” he said.

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