Origin released its results for the half-year ending 31 December 2021 along with signalling its intention to exit from coal-fired generation.
For the half year, Origin reported a loss of $131 million, which it attributed to continued economic disruption from COVID-19.
Origin reported underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) of $1,099 million, down 4.8 per cent. Free cash flow fell 46 per cent to $355 million.
Meanwhile, Origin’s interest in Australia Pacific LNG (APLNG) performed strongly, achieving record revenue of $555 million.
Underlying net profit after tax was up 18 per cent on prior corresponding period to $268 million.
Origin chief executive Frank Calabria said that Origin received “solid results” given the continued effects of the pandemic and the challenging conditions driven by subdued demand and lower tariffs.
“The performance of Australia Pacific LNG was outstanding, achieving record-high revenue off the back of a strong rebound in commodity prices,” Calabria said.
Origin has brought forward the closure date of its only coal-fired power plant by seven years to 2025, to accelerate the reduction of its carbon emissions.
The company released a statement on February 17 stating that notice had been submitted to the Australian Energy Market Operator indicating the potential early retirement of the Eraring power station at the end of the required three and a half year notice period.
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