Australia Origin Energy year profit rises 20 pct

Published: 18 Aug 2009 21:24:53 PST

PERTH, Aug 19 - Origin Energy Ltd , Australia's No. 2 power retailer, on Wednesday posted a better-than-expected 20 percent rise in its full-year underlying profit, and forecast profit to grow about 15 percent next year.

Underlying net profit in the year ended June 30 was A$530 million ($438 million), compared with A$443 million a year ago, Origin said in a statement.

Analysts on average had expected a net profit of A$523.7 million, according to nine brokers surveyed by Reuters Estimates.

Shares in Origin, a partner with U.S. ConocoPhillips for a proposed liquefied natural gas project in Australia, declared a dividend of 25 cents per share.

The company's shares have fallen 7 percent so far this year, against a 17.7 percent rise in the broader market, amid concerns that its LNG project could be delayed due to limited demand. ($1=1.210 Australian Dollar)