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.
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