Origin Energy books higher HY profit, lifts interim dividend
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The news: Energy retailer and gas producer Origin Energy increased its first-half profit and interim dividend, boosted by an improved performance from its integrated gas segment and lower tax expenses.
The news: Origin reported a statutory profit of $1.017 million for the first half, up 2.2% compared to the prior corresponding period.
The company declared an interim dividend of 30 cents per share, up from 27.5 cents a year earlier.
The context: Origin said the improved performance in its integrated gas division was driven by gains in Liquified Natural Gas (LNG) trading and strong LNG sales volumes and commodity prices at its joint venture Australia Pacific LNG.
However, earnings from Origin's energy markets business were lower than expected, as falling wholesale prices flowed through to customer tariffs and coal supply costs increased.
Elsewhere, Origin saw an EBITDA loss of $24 million from its UK renewable energy company Octopus Energy, extending a loss of $12 million in the prior corresponding period. The company attributed the loss to "significant reinvestment" in Octopus' energy services business.
The source: ASX announcement
