Origin Energy Limited (ASX:ORG) has reported a 39 per cent drop in its first half net profit in the same period its underlying profit rose 5 per cent.
The energy giant says its $322 million net profit was impacted by higher LNG-related funding expenses and higher impairments.
Origin’s previous result in the prior corresponding period was also given a boost by the dilution of its interest in Australia Pacific LNG Project, not recurring in the current period.
The company’s $381 million underlying profit was aided by increased contributions from all segments apart from energy markets.
Origin chairman Gordon Cairns says Origin achieved substantial improvements in operational performance over the period which is reflected in the strong increase in operating cash flow.
An unfranked interim dividend of 25 cents per share has been declared.
