Origin posts $658 million loss
Energy retailer and oil and gas producer Origin Energy expects intense competition in retail markets to continue after making a full year net loss of $658 million.
The net loss for the year to June 30 compares to a profit of $530 million in 2013/14, with a $705 million impairment charge from Origin’s investment in Contact Energy and the weaker Australian dollar weighing on its latest result.
You might like
Underlying profit fell four per cent to $682 million while revenue from continuing operations fell seven per cent to $11.55 billion.
Chairman Gordon Cairns said market conditions remain challenging and if the recent slide in oil prices was sustatined at current levels, Origin’s earnings and cash growth would be hit.
Origin shares were 55 cents, or 5.56 per cent, lower at $9.34 at 1045 AEST.
