Origin Energy Limited (ASX:ORG) has met its full year guidance and posted an 15 per cent increase in underlying net profit and forecast a 30 per cent rise in the year ahead.
In the 2011 financial year the energy retailer’s net profit dropped 70 per cent to $186 million, weighed down by impairment charges on assets and acquisition costs.
However in the same period revenue rose 21 per cent to $10.34 billion, boosted by its acquisition of New South Wales power assets and higher commodity prices.
Underlying earnings before interest, tax, depreciation and amortisation gained 32 per cent to $436 million and are expected to grow by 35 per cent in the year ahead.
A final dividend of 25 cents per share has been declared, taking the full year payout to 50 cents per share.
