SYDNEY, Aug 12 (Reuters) - AGL Energy Ltd AGL.AX , Australia's No. 2 energy retailer, said annual net profit fell 62 percent as it wrote down the carrying value of its gas production assets.
Net profit for the Sydney-based gas and electricity supplier was A$218 million for the year to June 30, down from A$570 million the previous year. The company said a month ago that it would make A$603 million in writedowns on coal-seam gas projects.
Not counting one-off items, underlying profit was A$630 million, up from A$570 million the previous year and within the company's guidance of being at the upper end of the A$575 million to A$635 million range.