Origin Energy Limited
(ASX:ORG) has reported a statutory loss of $254 million for the first half of FY2016 on the back of tumbling oil prices.
Underlying profit from total operations came in at $254 million, compared to $346 million in the previous corresponding period.
However, the company says the strong performance of Origin’s Energy Markets business delivered a 16 per cent increase in underlying EBITDA for the period.
Origin achieved more than $5.5 billion in debt reduction, as well as initiating cash preservation measures to reduce net debt to below $9 billion in FY17.
The company will pay an interim dividend of 10 cents per share unfranked, compared to 25 cents in H1 of FY2015.
