Origin’s profit nosedives

Australia’s Origin Energy saw a 93 percent decline in its net profit hit by write-downs mainly realated to its 37.5 percent stake in the APLNG project.

Statutory profit fell to A$83 million ($59.4m) for the full year ended June 30, including a A$746 million impairment in carrying value of APLNG.

Excluding one-off items, net profit declined slightly to A$1.02 billion for the year, compared with A$1.03 billion a year earlier.

Origin also expects profit drop in fiscal 2021 due to lower earnings from electricity and gas retailing hit by the Covid-19 pandemic.

The firm sees A$1.15 billion to A$1.30 billion in core underlying earnings from its energy markets business in fiscal 2021.

This compares to A$1.46 billion recorded in the year that ended June 30 which was also down 7 percent on the prior year.

- Advertisements -

Most Popular

Israel’s NewMed Energy keen to develop Leviathan FLNG project

Israel's NewMed Energy, previously known as Delek Drilling, is "really keen" to develop a floating LNG terminal as part...

Greece’s Motor Oil nears FID on Dioriga Gas FSRU

Greece’s Motor Oil is planning to decide on its Dioriga Gas FSRU project near Corinth by the end of...

Deutsche ReGas says first FSRU arrives in Germany

Deutsche ReGas, the developer of the LNG import terminal in the port of Lubmin, said on Wednesday that Germany's...

More News Like This

Australia Pacific LNG signs new domestic gas supply deal

Australia Pacific LNG, the operator of the 9 mtpa LNG export facility on Curtis Island near Gladstone, said it...

Australia’s Origin receives takeover offer from Brookfield and EIG

Australian energy firm and APLNG shareholder, Origin, has received a takeover offer from a consortium consisting of Canada's Brookfield...

Kelsian scores Gladstone LNG transport contracts

A unit of Australia's Kelsian Group has secured 10-year contracts to provide marine transport services to the QCLNG, GLNG,...

GPC: Gladstone LNG plants shipped 29 cargoes in October

LNG exports from the Gladstone port in Australia’s Queensland dropped by about 9.7 percent in October due to lower...