Impairments related to the Kitimat liquefied natural gas project in Canada weighed on Woodside Petroleum’s bottom line in 2019, while underlying performance also weakened.

The Australian company posted a net profit of A$343 million for 2019, a steep decline from the US$1.36 billion profit booked in 2018.

Weighing on last year’s result was the US$720 million impairment Woodside warned of earlier in the week related to its 50% share in the Chevron-operated Kitimat LNG project in Canada.

Taking into account one-off costs, underlying net profit totalled US$1.06