Aug 16 (Reuters) - Origin Energy (ORG), Australia's top power and gas retailer, on Wednesday reported a 51 percent rise in its full year underlying profit, beating market forecasts, but did not reinstate its dividend as it focuses on debt reduction.
Underlying profit for the year to June 30 rose to A$550 million ($430 million) from A$365 million a year ago, bolstered by higher power prices.
That compared with an estimate of A$524 million, according to 13 analysts polled by Thomson Reuters I/B/E/S, and came in at the upper end of Origin's own guidance between A$480 million to A$590 million.
The company failed to pay a final dividend for the second consecutive year after it suspended its final dividend last year in order to pay down debt.
($1 = 1.2789 Australian dollars)
News: Australia's Origin Energy annual profit soars but pays no dividend
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