Feb 11 (Reuters) – Australian power producer AGL Energy narrowed its full-year earnings forecast on Wednesday, citing higher consumer margin and lower costs, while reporting a 6.4% fall in its first-half underlying profit.
AGL expects the full-year forecast range for underlying net profit after tax to be between A$580 million and A$680 million ($410.23 million and $480.96 million), compared to its previous range of between A$500 million and A$700 million.
The mid-point of the new range comfortably beats the Visible Alpha consensus estimate of A$589.5 million.
The forecast reflects stronger consumer margins in the first half and lower-than-expected operating costs and depreciation, the company said.
The top corporate carbon emitter in Australia is also targeting A$50 million of sustainable net operating cost reductions in FY27.
AGL reported first-half underlying profit of A$353 million, below the A$377 million reported last year, but beating the Visible Alpha consensus estimates of A$307.4 million.
($1 = 1.4138 Australian dollars)
(Reporting by Sherin Sunny and Shivangi Lahiri in Bengaluru; Editing by Vijay Kishore)
