Origin profit slides, shelves $1b sale

Earlier this year, Origin agreed to outlay $US800 million($861 million) for a stake in exploration acreage off the coast of Western Australia, which it intended to fund via a $1 billion share issue.

Soft energy markets have taken their toll on the earnings of Origin Energy, which saw its underlying net profit slip to $713 million in the year to June from $760 million a year earlier.

However the consensus range was relatively wide, from $703 million to $788 million, reflecting the unusual lack of guidance provided by Origin through the year, Deutsche Bank utilities team said.

However ongoing strong cashflows have prompted the company to raise funds for a recent purchase of exploration acreage via a euro hybrid issue, rather than via a share sale as it had planned earlier.

Earnings before interest and tax fell to $1. 35 billion from $1. 44 billion a year earlier. 4 ” /> Macquarie’s dirty little secret: Select clients were … 5 ACCC pursues petrol chains over price information …

Read more here: SMH


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