Origin Energy (ASX:ORG) reports non-cash impairment of $1.24 billion

Company News

by Rachael Jones

Origin Energy (ASX:ORG) expects to recognise a non-cash post-tax charge in the range of $1.16 billion to $1.26 billion in its 2020 financial year results.

The non-cash charges relate to updated year-end valuation estimates primarily driven by revised commodity price assumptions, the associated economic impacts of the Covid-19 pandemic, and the progressive transition to a lower carbon energy supply.

The company reiterated its guidance, saying is expected energy markets underlying EBITDA to be between $1.4 billion and $1.5 billion.

Shares in Origin Energy (ASX:ORG) are trading 1.5 per cent higher at $5.83.

 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.