On the rise: Origin
Origin unveils 10% profits boost
Origin Energy posted a near 10% gain in full-year underlying profit today, adding it was targeting growth of 15% this year.
Net profit before one-off items increased 9.6% to A$370 million (US$300.8 million) in the year to 30 June, above analysts' expectations of A$366 million.
Net profit after significant items rose 38% to A$457 million, Origin said.
Exploration and production earnings were up 22% to A$254 million.
Origin, which sold its networks business to energy infrastructure APA Group for A$556.5 million in July, said total capital expenditure was A$758 million.
Origin said the ramp-up of coalbed methane production as well as the completion of the Otway gas project in September would boost earnings in the coming financial year.