News: ORG UPDATE 1-Australia's Origin Energy posts higher first-half profit

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Feb 15 (Reuters) -

Australia's Origin Energy (ORG) reported a surge in first-half underlying profit on Thursday and raised its earnings forecast for its energy market division for fiscal 2024 due to lower power procurement costs and growth in customer accounts.

The company's results also benefited from a regulator-approved price hike in July.

It now expects full-year underlying operating earnings from its energy markets division, excluding Octopus Energy, to between A$1.6 billion ($1.04 billion) and A$1.8 billion, higher than its prior forecast of between A$1.30 billion and A$1.70 billion.

The top power retailer reported underlying profit of A$747 million for the six months ended Dec. 31, compared with A$44 million a year ago.

Origin, which was a high-profile $10.6 billion takeover target of asset manager Brookfield last year, declared an interim dividend of 27.5 Australian cents per share, up from 16.5 Australian cents declared last year.

($1 = 1.5408 Australian dollars)