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Energy retailer AGL lifts profit
SYDNEY, Australia (CNN) -- Australia's biggest energy retailer Australian Gas Light Co (AGL) has more than doubled full year profit to Aust. $295 million ($195 million) after acquisitions, asset sales and a restructure of its New Zealand operations. Underlying net profit was A$320.8 million, up 30 percent, the company said Thursday. AGL said its acquisition of Victorian energy retailer Pulse Energy -- bought last year for A$880 million -- had "clearly made a difference" to AGL's earnings. AGL managing director Greg Martin said Pulse was delivering according to expectations. AGL is also leading a consortium that said last month it would buy a 2000-megawatt power station in Victoria state for about A$3.5 billion. Most of the implied purchase price is debt, with AGL's equity investment being A$200 million. Martin said AGL wanted to resolve some outstanding conditions to complete this deal, in which its partners are Japan's Tokyo Electric Power Co and a group of investors led by the Commonwealth Bank of Australia. In New Zealand, AGL unit NGC lifted earnings before interest and tax 2.3 percent to A$135.9 million. The company also raised about A$135 million from the sale of its 20.5 percent interest in New Zealand electricity company TrustPower. AGL said that based on current trading conditions, profit in 2003-04 should be above the 2002-03 level. AGL is Australia's biggest energy provider, delivering electricity, natural gas and liquefied petroleum gas to more than 2 million customers in Victoria, New South Wales, Queensland and South Australia.
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