AGL Energy Ltd, Australia's biggest electricity retailer, reported a growth of 22% in its underlying profit in the first half of the fiscal. The company released its results today and maintained its outlook for the full year.

The Energy supplier company also said that the company expects a weaker second half of the year. Though the company posted a sharp decrease of 89% in its net profit for the first half, the underlying profit for H1 topped the expectations of the market analysts.

Net profit for the first six months of the year ended December 31 was posted A$183.7 million, decreasing by 89% while in the same period last year the net profit was reported A$1.65 billion. The net profit in the previous corresponding period was posted very high mainly because of the earnings of A$1.46 billion from the sales of assets. For the recently ended First half of the year, the underlying profit was posted A$234.8 million, increasing by
22% as it was posted A$192.5 million in the same period last year.

The market analysts were expecting an underlying profit of A$211.2 million for the period. Revenue for H1 was reported A$3.2 billion, increasing by 7% while comparing to the same period last year revenue of A$2.98 billion.

The company also provided its full year guidance and expecting the underlying net profit of A$390 million to A$420 million.