Origin powers up with rise in profit

Origin Energy, Australia's second-largest power retailer and a takeover target, posted a 19.7 per cent rise in full-year underlying profit yesterday, due to higher earnings from energy retailing and its oil and gas unit.

Origin, which is fending off a A$13.8 billion ($16.9 billion) takeover bid from Britain's BG Group, declared a final dividend of A13c a share and reaffirmed a target of underlying earnings per share growth of 10-15 per cent a year.

Net profit, including one-off items, rose 13 per cent to A$516.7 million. Net profit before one-off items was A$443 million. Origin owns 50 per cent of Contact Energy.

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