Origin Energy [ASX:ORG] are down nearly 2% today.
The energy retailer is currently trading at $8.61 a share while standing at a market cap of $15.009 billion and an enterprise value of $23.36 billion.
Founded in 2000, Origin Energy are an integrated energy company who engage in energy retailing and many other factors across Australia, New Zealand and the world.
Its portfolio includes areas such as Bowen, Surat and various basins in Central Australia.
Origin Energy regenerates electricity from coal, wind, pumped water and many other varieties of energy usage.
Origin pushes fourth profit gain
Recently, Origin has been cashing in on the rise in electricity prices, as they are now running its massive coal plant in NSW.
The NSW powerplant managed to jump its power generation by a staggering 37%
They managed to lift their earnings from its core energy markets business as they established high profits from gas sale contributions.
Origin states that they are seeing progress and have established momentum to do more in the future.
They also managed to lift its guidance for raw earnings, despite facing heavy competition in retailing.
Last month, Origin Energy signed up thousands of Western Australian retail gas customers since launching in Perth last October.
The business is expected to grow further in market shares, as they have experienced a good start in Western Australia. They are positioned to grow from their products and services.
However, the market seemed disappointed with the results. At the time of writing, shares are trading down 1.95% for the day.
Back in late January, Origin announced they will cut 650 jobs in Queensland, mostly from their head office in Brisbane.
ABC News reported that Chief Executive Officer Frank Calabria stated:
‘Extensive planning and careful consideration has been given to making sure we can implement these changes in a way that maintains business performance and Origin’s very high operating standards around the safety of our people, communities and the environment.’
Origin believes that the changes are a necessity to achieve their objective for global competition.
Editor, Markets & Money
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