AGL’s transition out of gas fired energy has weighed heavily on the company’s annual profit figures, with the announcement of a $408 million net loss.
AGL took impairment charges of $656 million as a result of falling oil and gas prices, accounting which plunged what would have been an operational profit into the red.
Without the impairment charges, AGL’s profits were up 11.3 percent, and revenue was also solid at $11.15 billion up 4.4 percent.
AGL has committed to exiting its fossil fuel business by 2050, but is still heavily exposed to the sector.
Oil and gas is also expected to weigh on the 2017 result, with a forecast impact of at least $100 million.
While the overall result was worse than expected, AGL still managed to increase the amount it makes per household from $86 last year to $108.