Newspaper article The Morning Bulletin (Rockhampton, Australia)

Annual Profit Fall Won't Deter Origin; Full Steam Ahead for LNG Project

Newspaper article The Morning Bulletin (Rockhampton, Australia)

Annual Profit Fall Won't Deter Origin; Full Steam Ahead for LNG Project

Article excerpt

MELBOURNE: Origin Energy is confident about its $6 billion investment in Australia's biggest liquefied natural gas (LNG) project, despite a fall in annual profit.

The energy retailer, generator and producer says its net profit fell 70% in 2010/11, to $186 million from $612 million in 2009/10.

The result was largely due to write-downs on assets, including geothermal projects, transaction costs from acquisitions, and a fall in the value of financial instruments.

Managing director Grant King said a better measure of the company's performance was its underlying profit a up 15% to $673 million.

He expects underlying profit to rise 30% in the current year.

The company's shares shot up 68 cents, or 5%, to $14.26 yesterday, with investors liking the growth outlook, which the new Mortlake power station and new retailers will contribute to.

Mr King said he felt uneasy about the current volatility on global stock markets.

But he's confident there's no risk to the $13. …

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