Australia's Origin Energy to book $840 million impairment on coronavirus hit


July 15 (Reuters) - Origin Energy ORG.AX said on Wednesday it will book impairments of about A$1.2 billion ($840.12 million) after tax, joining a number of global energy companies that have slashed the value of their assets after a coronavirus-induced drop in oil and gas prices.

Australia's top power and gas retailer expects to record non-cash charges of between A$1.16 billion and A$1.24 billion in its full-year accounts, it said in a statement to the stock exchange.

On Tuesday, Woodside Petroleum Ltd WPL.AX, another oil and gas major in the country, flagged impairments of $4.37 billion after tax.

($1 = 1.4284 Australian dollars)

(Reporting by Rashmi Ashok in Bengaluru Editing by Shri Navaratnam)

((; +918061822604;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.