AGL Energy has posted an 11 per cent increase in annual underlying net profit and forecast an improved result in 2009/10.
Net profit for the 12 months to June 30 was $1.596 billion, which included $1.441 billion in profit from the sale of assets, including gas interests in Papua New Guinea.
Stock in AGL was down 32 cents, or 2.2 per cent, to $13.99 shortly after the opening bell.
Underlying net profit was $378.8 million, up 11.1 per cent on the previous corresponding period, and at the top end of AGL's previous guidance of $352 million to $382 million.
A final dividend of 28 cents was declared, bringing the full year dividend to 54 cents, up one per cent on last year.
"We have delivered on our upgraded profit guidance, strengthened our balance sheet, and strategically positioned the company to grow across all aspects of our business," chief executive Michael Fraser said.
"The company is well positioned and, despite the warm winter, we expect to deliver another improved result in 2010."
Earnings guidance for 2009/10 will be delivered at AGL's annual general meeting on October 29, he said.
AGL's sale of non-core assets across the year, including its PNG oil and gas interests, Elgas and shares in Queensland Gas Company Ltd, saw a profit after tax of $1.441 billion.
A $27 million depreciation adjustment for the sale of the PNG assets affected the underlying net profit.
AGL also incurred a loss of $251 million from changes in the fair value of financial instruments.
The asset sales saw AGL's net debt reduced by $1.5 billion over the year, to $497.1 million at June 30.
AGL also refinanced $800 million of debt facilities, leaving it with no debt facilities due for repayment until 2011/12.
''We now have a balance sheet which allows us to continue developing our pipeline of renewable and low-emission generation, and upstream gas, projects and positions us to take advantage of other opportunities as they arise,'' Mr Fraser said.
AAP