Origin scraps guidance on volatility concerns after $1.4b loss
Origin’s underlying profit rose 30 per cent to $407 million as its APLNG project in Queensland generated a $1.6 billion distribution to the company.
Its bottom line, however, has sunk to a $1.4 billion loss after it a $2.1 billion non-cash impairment.
The company also withdrew any guidance for the current year because of market volatility, but did forecast higher underlying earnings from gas while electricity gross profits were expected to be suppressed.
It also said APLNG was expected to produce between 680 petajoules and 710 petajoules, which allowed for wet weather impacts and strong field performances.
It paid a 16.5 cents a share final dividend, franked to 75 per cent and suspended its reinvestment program.
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Chief executive Frank Calabria said it was a time of considerable change for the energy industry.
“There remains uncertainty around the range of potential outcomes for full-year 2023,” Calabria said.
“In full year 2024, Origin anticipates further growth in underlying earnings. The magnitude of this growth is dependent on fuel and energy prices and the extent to which these are reflected in customer tariffs, the outcome of a price review on 50 petajoules of gas supply and delivery of targeted retail savings.”
