Good news for AGL's NZ subsidiary

Natural Gas Corporation has made a speedy financial recovery from its disastrous foray into the New Zealand electricity business by announcing net earnings of $16 million for the half year ended 31 December.

NGC, which is a 66 per cent owned subsidiary of Australia Gas Light Company, had after-tax losses of about $40 million from electricity retailing in July 2001 prior to exiting from that business.