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Origin Energy sinks to $658m loss as writedowns bite


Source: SMH, 20 Aug 2015

Origin Energy has reignited market worries about the strength of its balance sheet after revealing a shock increase in the investment needed to complete its liquefied natural gas project in Queensland, and spelt out how lower oil prices would cut returns.

Shares in the energy supplier dived an extraordinary 13 per cent after it advised that its spending to complete the Australia Pacific LNG venture would be $1.8 billion, some $550 million higher than guided six months ago, partly due to a slip in the start-up date into the December quarter.

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