Origin Energy's (ASX:ORG) profit falls to $13 million

Company News

by Melissa Darmawan

Origin Energy (ASX:ORG) reports a 10 per cent drop in revenue to $6.1 billion with their total profit for falling 98 per cent to $13 million for the half year ending 31 December 2020.

The company's EBITDA sunk by $436 million to $1.15 billion on the back of reduced energy demand and lower commodity prices.

Origin's underlying profit dropped from $528 million to $224 million impacted by lower wholesale prices, one-and off network costs.

Their 20 per cent purchase last year of UK retailer Octopus Energy is progressing well with a new partnership with Tokyo Gas and entry into the Japanese market.

The company will pay an unfranked dividend in March of 12.5 cents per share.

Shares in Origin Energy (ASX:ORG) are trading 2.4 per cent lower at $4.49.