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

QatarEnergy to further boost LNG output

State-owned LNG giant QatarEnergy said on Sunday it will further boost its liquefied natural gas production from the North...

Deutsche ReGas starts commissioning Mukran FSRU terminal

LNG terminal operator Deutsche ReGas has kicked off commissioning activities at its FSRU-based LNG import facility in Germany’s port...

CEO: DOE’s permit pause will not slow down Cheniere’s LNG expansion plans

US LNG exporting giant Cheniere is going "full steam ahead" with plans to expand its Sabine Pass and Corpus...

More News Like This

Venice Energy inks FSRU deal with AG&P LNG

Venice Energy, the developer of the Outer Harbor LNG import project in the Port of Adelaide, has signed a...

Gladstone LNG exports climb in January

Liquefied natural gas (LNG) exports from the Gladstone port in Australia’s Queensland rose in January compared to the same...

Australia’s Origin reports lower APLNG revenue

The Australia Pacific LNG project logged lower revenue during the quarter ending December 30 compared to the same quarter...

Gladstone LNG exports slightly up in 2023

Liquefied natural gas (LNG) exports from the Gladstone port in Australia’s Queensland rose 1.4 percent in 2023 compared to...