News: AGL UPDATE 1-Australia's AGL Energy forecasts lower profit in fiscal 2025

(Recasts with forecast, adds details from paragraph 2)

Aug 14 (Reuters) - Australia's AGL Energy (AGL) forecast lower underlying earnings for the current financial year after reporting a nearly threefold jump in its fiscal 2024 profit on Wednesday, boosted by higher wholesale prices and a robust retail business.

For the year ending June 30, 2025, the country's top power producer expects underlying profit between A$530 million ($351.66 million) and A$730 million. That compares with a Visible Alpha consensus of A$619 million and fiscal 2024's A$812 million, which was nearly triple the

prior year's A$281 million

	. 
   
		AGL said the expected decrease in profit for the current 

fiscal mainly reflects wholesale electricity prices resetting lower through contract positions, consumer margin compression after heightened market activity and increased depreciation and amortisation.

It declared a final dividend of 35 Australian cents per share for the year ending June 2024, above 23 cents declared in the prior fiscal.

($1 = 1.5076 Australian dollars)