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Australia's Origin cuts full-year earnings guidance

Mon Jun 8, 2009 8:12pm EDT

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SYDNEY, June 9 (Reuters) - Australia's Origin Energy (ORG.AX) said on Tuesday underlying profit for the full year was unlikely to be more than 20 percent higher than last year, based on current market conditions.

Origin had previously said it expected annual underlying profit to be 20-25 percent higher than last year.

The change in expectations came after New Zealand's biggest listed energy company, Contact Energy Ltd (CEN.NZ), said on Monday it expected to see its underlying earnings fall by as much as 33 percent because of lower wholesale electricity prices.

Contact Energy is 51 percent owned by Origin.

(Reporting by Mette Fraende; Editing by Mark Bendeich)



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