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Gas

Origin Energy returns impressive financial results

Electricity and gas suppliers Origin Energy announced a statutory profit of $980 million for the previous financial year today (August 23).

That number was up 427 per cent from the 2011 financial year, in which the company registered total statutory profit of $186 million.

Underlying profit for the 2012 financial year (which was from June 2011 to June 2012) was $893 million while earnings before interest and taxes was up 34 per cent from $1,194 million to $1,598 million.

"In the past year, Origin has delivered strong growth across its operating businesses," said Origin chairman Kevin McCann in a statement.

"In the first full year since the NSW acquisition, the assets have made a strong contribution to increases in earnings and profit. The company also delivered increased contributions from its Exploration and Production and Contact Energy segments."

Origin managing director Grant King also commented on the results, noting that Origin's next objective would be to deliver the Australia Pacific LNG project on time and within budget.

Mr King also said that gas demand was expected to triple over the next five years in Eastern Australia, and that Origin was anticipating this growth while also exploring for resources in international markets such as New Zealand and South East Asia.

Posted by Callum Fleming



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