Origin Energy: Result 2012

Origin's profits leapt higher but investors are worried about APLNG and capital expenditure.

Origin Energy’s reported net profit for the year rose 427% to $980m. As always, the statutory profit is of little use. This year's result includes movements in derivatives and gains from the part sale of Australia Pacific LNG (APLNG). On an underlying basis—a more accurate gauge of business performance—net profit was up a more sober 33% to $893m. From underlying earnings per share of 82.6c, up 16%, a fully franked dividend of 50c was declared (ex-date not yet known).  

Despite the surge in profits, investors focused on the last few minutes of Origin’s presentation, where Grant King cautioned that profits next year would be similar to this year. In other words, growth will slow to a trickle.

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