collected by :Victor Alphen
ReutersBy Sonali PaulFeb 15 (Reuters) - Origin Energy Ltd, Australia's top power and gas retailer, more than tripled its half-year underlying profit on the back of soaring energy prices and raised its earnings forecast for energy markets, sending its shares up 6 percent. "We see this as a strong outcome for Origin," Royal Bank of Canada analyst Ben Wilson said in a note. As a result, Origin raised its full-year underlying earnings forecast for its energy markets business to between A$1.78 billion and A$1.85 billion from an earlier forecast of A$1.7 billion to A$1.8 billion. Origin said it is on track to cut net debt to less than A$7 billion by June, as targeted, following the recently completed sale of its Lattice Energy business. Chief Executive Frank Calabria said debt reduction along with improving underlying returns would be key measures for reviving the company's dividend.
ReutersBy Sonali PaulFeb 15 (Reuters) - Origin Energy Ltd, Australia's top power and gas retailer, more than tripled its half-year underlying profit on the back of soaring energy prices and raised its earnings forecast for energy markets, sending its shares up 6 percent. "We see this as a strong outcome for Origin," Royal Bank of Canada analyst Ben Wilson said in a note. As a result, Origin raised its full-year underlying earnings forecast for its energy markets business to between A$1.78 billion and A$1.85 billion from an earlier forecast of A$1.7 billion to A$1.8 billion. Origin said it is on track to cut net debt to less than A$7 billion by June, as targeted, following the recently completed sale of its Lattice Energy business. Chief Executive Frank Calabria said debt reduction along with improving underlying returns would be key measures for reviving the company's dividend.
UPDATE 2-Australia's Origin Energy profit jumps; raises energy markets forecast
* Interim underlying profit surges to A$582 mln, meets forecasts* Raises energy markets earnings forecast* Cuts breakeven cost target for APLNG* Shares jump 6 pct (Adds CEO, analyst comments)By Sonali PaulFeb 15 (Reuters) - Origin Energy Ltd, Australia's top power and gas retailer, more than tripled its half-year underlying profit on the back of soaring energy prices and raised its earnings forecast for energy markets, sending its shares up 6 percent. Origin also sharpened its target for cutting costs at its Australia Pacific liquefied natural gas (APLNG) project, aiming to break even at $45 a barrel by June, down from a target of $48. "We see this as a strong outcome for Origin," Royal Bank of Canada analyst Ben Wilson said in a note. As a result, Origin raised its full-year underlying earnings forecast for its energy markets business to between A$1.78 billion and A$1.85 billion from an earlier forecast of A$1.7 billion to A$1.8 billion. It suspended dividends in 2016 to focus on cutting debt, which peaked with the construction of APLNG just as oil prices slumped.UPDATE 2-Australia's Origin Energy profit jumps; raises energy markets forecast
As it stated in * Interim underlying profit surges to A$582 mln, meets forecasts* Raises energy markets earnings forecast* Cuts breakeven cost target for APLNG* Shares jump 6 pct (Adds CEO, analyst comments)By Sonali PaulFeb 15 (Reuters) - Origin Energy Ltd, Australia's top power and gas retailer, more than tripled its half-year underlying profit on the back of soaring energy prices and raised its earnings forecast for energy markets, sending its shares up 6 percent. Origin also sharpened its target for cutting costs at its Australia Pacific liquefied natural gas (APLNG) project, aiming to break even at $45 a barrel by June, down from a target of $48. "We see this as a strong outcome for Origin," Royal Bank of Canada analyst Ben Wilson said in a note. As a result, Origin raised its full-year underlying earnings forecast for its energy markets business to between A$1.78 billion and A$1.85 billion from an earlier forecast of A$1.7 billion to A$1.8 billion. It suspended dividends in 2016 to focus on cutting debt, which peaked with the construction of APLNG just as oil prices slumped.Energy minister: Major reforms made to liberalize energy markets
Speaking at the public offering ceremony of Enerjisa, owned by Turkey's Sabancı Holding and German energy firm E.ON, Energy Minister Albayrak elaborated on Turkey's energy market and energy policies. The minister particularly emphasized that a financially robust, stable and transparent energy market is essential for a strong economy. Turkey's energy imports per year reach $55 billion, the minister reminded and stressed that this amount is one-and-half times more than the country's current account deficit. Regardless of their origin, any company that invests in Turkey is a Turkish firm, the minister added. Distinguished international investors' strong demand for our shares, which was about fivefold, once again confirms our confidence in Turkey's energy sector," Teyssen said.
Comments
Post a Comment