Origin Energy Ltd Plunges on ASX with FY18 results

  • Aug 16, 2018 AEST
  • Team Kalkine
Origin Energy Ltd Plunges on ASX with FY18 results

Origin Energy Ltd (ASX: ORG) is an energy sector company which operates energy businesses. The company was trading at a current market price of $8.995 and has seen a daily price change of -$0.620 or a percentage change of -6.4% as at August 16, 2018. The stock has seen a performance change of 41.75% over the past 12 months. Origin is the only incumbent retailer that have bought out state-owned retailers and has loyal customers that have never switched.

For FY18, the group reported profit of $218 million, representing a turnaround from $2.2 billion loss as reported in FY17. This was accompanied by net profit from continuing operations of $280 million (against $2.05 billion loss in FY17). No dividend has been declared by the company. The company posted a record production from APLNG of 64 PJ for the June 2018 quarter. With an increase of 42 percent, Origin’s share of revenue was $2,054 million over FY2018. Due to higher average realized prices across both LNG and domestic sales, Origin’s share of APLNG related revenue increased by $70 million or by 14%.

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