The heavy loss for the electricity and gas supplier due to impairments came despite a gain in underlying profit.
Origin Energy has warned the market conditions remain too uncertain to give guidance on earnings for the coming year after posting a $1.43 billion full-year loss, dragged down by impairments.
The only guidance Origin gave for the coming financial year was for overall growth in underlying earnings, driven by the gas business, while gross profits in electricity would remain “suppressed”. “Overall, I’m pleased with how the business navigated a myriad of challenges from high commodity prices and volatile wholesale energy prices; to fuel supply shortages and multiple weather events, while being able to deliver higher underlying profit and strong cash flow,” he said.Origin declared a final dividend of 16.5¢ per share, more than double the 7.5¢ of a year ago., still held back from giving formal guidance, pointing to a wide range of potential outcomes.
But it said it expects further growth in underlying earnings in 2023-24, adding the scale of the improvement depended on fuel and energy prices and the extent to which those were reflected in customer tariffs, the outcome of a review on 50 petajoules of gas supply, and the delivery of savings targeted in the retail business.
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