Origin Energy: Interim result 2015

Origin's interim result is a sideshow. The real test will be the success of the giant APLNG project, due to start later this year.

At first glance Origin Energy’s $25m loss appears a disaster but, as always, we need to make several adjustments to earnings to get an idea of what has happened in the underlying business.

Strip away changes in the value of derivatives and hedges as well as some LNG related expenses and underlying profit comes to a more respectable $346m, 9% lower than last year.


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