The full year reported profit includes a net negative $25.8 million of significant items from the profit on sale of non-core assets offset by write-downs and losses on non-core telecommunications investments.
After declaring a partly franked final dividend of 29 cents per share AGL also predicted that the underlying profit and earnings per share (EPS) in 2003/04 would exceed that recorded in 2002/03.
AGL chairman, John Phillips said, "The performance of the Pulse Energy business has clearly made a positive difference to AGL's earnings. Also contributing to the strong operating result has been the ongoing reconfiguration of AGL's asset portfolio around our core competencies and capabilities in the downstream energy sector."
"By successfully restructuring AGL's New Zealand interests and disposing of non-core assets, AGL has developed a more balanced business portfolio and further cemented its position of market leadership in the Australasian energy industry,'' Phillips added.
Managing director, Greg Martin said, ''Our portfolio of core energy businesses is performing well, enabling AGL to deliver tangible benefits to shareholders from the positions of market leadership we enjoy across a diverse range of downstream energy businesses. The Pulse Energy acquisition is delivering according to expectations and has provided a solid platform from which the company can continue to grow."
During the 12-month period, AGL's operating cash flow increased by 57% to $542.2 million, gearing reduced to 38 per cent and AGL's ''A'' credit rating status was confirmed by Standard & Poors and Moodys.
In regard to AGL's conditional purchase of a minority 35% interest in Loy Yang Power, Martin said the company remains committed to satisfactorily resolving outstanding conditions in order to complete financial close of the transaction.
