Origin Energy: Result 2013

Origin's energy markets division continues to disappoint as competition eats into operating margins. APLNG, however, remains on track.

Origin Energy’s reported net profits would please headline writers but fail to illuminate investors. The statutory net profit – down a shocking 61% to $378m – rarely offers an accurate account of the business. So it was this year. Movements in the value of derivative contracts and restructuring costs from newly acquired assets all featured in the reported number. Free from such shenanigans, underlying net profit fell 15% to $760m. From earnings per share of 69.5 cents, down 16%, a 25 cent interim dividend was declared (unfranked, ex date 27 Aug), bringing full-year dividends to 50 cents per share, or a current yield of 3.8%.

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