australian energy upgrades profit

Australian Energy upgrades profit

January 22, 2004 - 12:05PM

Electricity supplier Australian Energy upgraded its first half profit forecast, citing better-than-budgeted trading results and lower costs.

"At the AGM on November 21, 2003, the directors informed the market that they expected the company's profit for the first half, ended December 31, 2003, would be $1.6 million," chief executive Andrew Bonwick said.

"It is now the company's expectation that the profit for this period will exceed $1.8 million."

The upgrade represents a 12.5 per cent increase over the previous forecast, and compares to a $712,000 net profit for the previous corresponding period.

Mr Bonwick said the changed forecast was because of "improved trading results in November and December compared to budgets", and "less than budgeted expenditure in establishing the company's South Australian operations."

The company reports its 2003/04 first half results in February.

Australian Energy shares rose four cents to 85 cents.


This story was found at: http://www.theage.com.au/articles/2004/01/22/1074732516352.html