Origin Energy Ltd (ASX:ORG) says it expects its full-year underlying net profit to lift by around 15 per cent in the 2011 financial year. The latest profit forecast comes in at the higher end of previously released guidance.
In its half year report, the oil and gas producer also advises that the recent floods in Queensland are still impacting activities in the Cooper Basin.
Origin says it is currently in a transformational stage, with its recent acquisition of the New South Wales electricity assets making the company Australia’s largest energy retailer.
In addition, the company says its Australia Pacific LNG joint venture in Queensland continues to make “significant progress”.
Origin says the interim result demonstrates that it is in a strong position to meet growing energy needs, both in Australia and overseas, and to continue to deliver sustainable growth for shareholders.
In the six months to 31 December 2010 Origin Energy moved from a profit to a net loss of $100 million.
