Origin Energy jumped as much as 7.8 per cent on Thursday after the company reported improved first-half profit and raised its full-year earnings outlook. 

The Australian energy retailer and gas exporter reported underlying earnings before interest, tax depreciation and other movements rose 51 per cent to A$1.49bn ($1.18bn) for the six months to the end of December. Its loss for the period narrowed to A$207m, from A$1.56bn the same time a year ago. 

The company raised guidance for full-year underlying EBITDA from its energy markets division to a range of A$1.78bn to A$1.85bn, up from A$1.7bn to A$1.8bn. It also reaffirmed guidance for its LNG export unit. 

Frank Calabria, Origin chief executive, said: 

We are seeing positive momentum in the performance of the business. Notwithstanding our statutory loss of $207 million, the improvement in Origin’s underlying profit reflects a strong operating performance by the business in the first half of FY2018.

Shares in the company were still up 5.2 per cent in morning trade, while the broader S&P/ASX 200 was 0.8 per cent higher in Sydney with all market segments outside of healthcare gaining.

Get alerts on Origin Energy Ltd when a new story is published

Copyright The Financial Times Limited 2019. All rights reserved.
Reuse this content (opens in new window)

Comments have not been enabled for this article.

Follow the topics in this article