AGL underlying profit rises

11 August 2015

AGL announced a higher than expected increase in underlying profit for the 2014/2015 year although the headline figure was lower than expected due to one-off charges. The company said it has targeted $1bn of asset sales by June 2017 and plans $200m of cost cutting for 2015/16. AGL has $600m of subordinated notes listed on the ASX and has been an issuer of notes in both the domestic and US markets.