Origin Energy: Interim result 2013

Origin reported both lower profits and higher costs. Despite the awful result, value remains.

After two separate downgrades, expectations for Origin Energy’s interim result weren’t high, yet they still disappointed. Although revenue rose 14% to $7.4bn, net profit fell 34% to $524m. Reported profit is next to useless for Origin as it includes mark to market movements of hedging agreements and other oddities. On an underlying basis, net profit fell 26% to $362m. From underlying earnings per share of 33 cents, a fully franked 25 cent dividend was declared (ex date 26 February).

The dramatic loss was caused primarily because of falling margins in the retail energy business; underlying earnings before interest, tax, depreciation and amortisation (EBITDA) falling from $820m last year to just $660m, a decline of 20%.

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