Origin reports strong increase in half year profit and reaffirms growth outlook for the full financial year

Thursday, Feb 23, 2012

Origin Energy Limited (Origin) today announced a Statutory Profit of $794 million for the half year ended 31 December 2011, an increase of $930 million when compared with the $136 million loss reported in the prior corresponding half year.

A number of items contributed to the increase in Statutory Profit, including a higher Underlying Profit, a gain on dilution relating to Australia Pacific LNG, an increase in the fair value of financial instruments, lower impairment of assets and lower transition and transaction costs.

Underlying Profit for the half increased 61 per cent or $185 million to $489 million, when compared with the prior corresponding half year. The acquired NSW energy businesses made a significant contribution to the increase in Underlying Profit, which also benefited from lower exploration expense and higher commodity prices in the Exploration and Production segment.

Source: Origin Energy

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