Origin Shares Rise Most in Six Months as Earnings Beat Estimates

(Bloomberg) — Origin Energy Ltd. shares rose the most in six months after full-year profit beat analyst estimates, and the uptake of electric vehicles and home batteries in Australia accelerated.

Shares increased as much as 6.5%, the most since February. Underlying profit fell 22% from a year earlier to A$1.16 billion ($819 million) in the financial year through June, the company said in a filing Thursday, slightly above analyst estimates. Net income rose 6.3% to A$1.57 billion.

Australia’s world-leading energy transition is increasingly being driven by households embracing rooftop solar, batteries and electric vehicles. Meanwhile, the large-scale build-out of renewables and grid infrastructure faces rising costs, lengthy approvals and regulatory uncertainty, according to the energy retailer.

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“Flexible generation and storage will become more important as more renewable energy enters the system,” Chief Executive Officer Frank Calabria said in a statement. “We are focused on making it easier for households and businesses to electrify, manage energy use efficiently and bring together products like solar, batteries, electric vehicles, broadband and orchestration services.”

Origin in July said that about 900,000 current and former customers had their data accessed in a security breach, the latest in a string of cyberattacks on major Australian companies and essential-service providers.

“We’ve taken steps to secure our systems,” Calabria said on an earnings call. “We’ve been working with cyber security and forensic specialists. We continue our review, continue to work closely with the authorities and regulators.”

(Updates with share price move in second paragraph, comments from CEO in last paragraph and chart.)

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