Underlying profit before impairments for plunged 41 per cent in 2015-16 to $354 million.
Origin’s debt, which was inflated by the need to fund the $25 billion Australia Pacific LNG project in Queensland, is targeted to fall below $9 billion by the end of June 2017.
Turning to the outlook, Origin said it expected a 45-60 per cent improvement in underlying earnings before interest, tax, depreciation and amortisation this coming financial year from continuing operations.
2016 Financial Year Highlights (Source – Company Reports)
A $249 million drop in underlying profit from Origin’s continuing operations weighed on results, as did a $55 million impact from the sale of New Zealand’s Contact Energy last year.
Revenues for 2015-16 slid 14 per cent to $12.17 billion.
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