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.

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