Origin Energy (ORG) says heavy discounting in its energy markets arm for the current year will delay a recovery in earnings after its full-year net profit slumped almost 60%.
Underlying net profit slid 15% to $760 million – at the wider end of the company's guidance for between 10-15%.
Net profit fell 61% to $378 million, from $980 million in the previous year, after booking a $350 million loss costs related to the funding of APLNG and foreign currency movements and took a $340 million hit on losses in the fair value of financial instruments.
It also wore a $147 million loss on restructuring costs for its retail operations and acquisition costs for assets picked up in New South Wales, while earnings for its energy markets arm fell 15%.
The steep profit decline came despite a rise in revenues to $14.61 billion, from $12.93 billion in the prior year.
It will pay a final unfranked dividend on par with last year, of 25 cents.
The company won't provide earnings guidance for 2013-14 until the annual general meeting in October.
Origin also said today it had secured a $7.4 billion loan facility with a syndicate of domestic and international banks to refinance its debt.