Origin Energy Limited (Origin) has announced a statutory profit of $796 million for the half-year ended December 31, 2018.
Origin CEO Frank Calabria said this reflected higher oil linked revenues in Australia Pacific LNG, a stable performance in Origin’s Energy Markets business, and lower financing costs.
He said a key focus of the period was to make energy more affordable for customers.
“[Origin was the] first in the market to announce flat or falling prices from July 1 for all our customers and announcing further discounts from January 1 for concession customers on standing rates,” Mr Calabria said.
Related article: Origin to sell Ironbark to Australia Pacific LNG
“Our power stations played a key role in keeping the lights on and putting downward pressure on prices.
“The impact of greater competition and discounting in our retail business has impacted on earnings, but we believe that the right thing is putting our customers first.”
In Origin’s gas business, APLNG performed strongly and when combines with higher realised commodity prices, delivered strong cash flows back to Origin.
“We are looking forward to getting back on the ground in the Beetaloo basin during the dry season this year and completing our exploration commitments to more fully understand the opportunity,” Mr Calabria said.
Related article: Origin acquires OC Energy
Shareholders will no doubt be pleased with the announcement that dividends will be reinstated, with a fully franked interim dividend.
Watch Origin CEO Frank Calabria discuss the results below.