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    Origin's APLNG revenue down 17% in Apr-Jun

Summary

Origin said it expects to recognise non-cash post-tax charges of A$2.25bn for the full year.

by: Shardul Sharma

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Origin's APLNG revenue down 17% in Apr-Jun

Australia’s Origin Energy July 30 said revenue from its stake in Australia Pacific LNG (APLNG) for the three months ending June 30 (Q4) dropped 17% year/year due to lower realised commodity prices. The revenue was up 18.7% quarter/quarter, however.  

The company's revenue in Q4 was A$507.6mn ($375.62mn) compared with A$610.2mn in the same period last year. Origin’s share of production was 64.7 petajoules, unchanged yr/yr but down 1% q/q, it said. APLNG’s realised average LNG price was down 18% yr/yr but up 12% q/q. Average domestic gas price was up 6% yr/yr and 29% q/q.

APLNG, a joint venture comprising Origin, ConocoPhillips and China's Sinopec, is Australia’s largest producer of coalbed methane (CBM) and supplies gas to Queensland’s domestic gas market, while also processing CBM into LNG for exports. Origin owns a 37.5% stake in the business.

Meanwhile, Origin said it expects to recognise non-cash post-tax charges of A$2.25bn in the 12 months ending June 30 (FY2020-21). It will release the full-year results on August 19. It expects impairment charges of about A$1.58bn against goodwill on its energy markets business and its generation assets. It also flagged a A$669mn tax expense. 

It expects underlying Ebitda from its energy markets unit to come in at A$450mn-A$600mn in FY2021-22, and A$600mn-A$850mn in FY2022-23, lower than the A$940mn-A$1.02bn forecast for FY2020-21.