(Adds details on results, context on APLNG)
Oct 31 (Reuters) - Electricity and gas retailer Origin Energy Ltd said on Thursday revenue from its stake in the Australia Pacific LNG (APLNG) project rose 7% in the first quarter, helped by higher prices and increased output.
The company’s share of revenue from APLNG came in at A$687.9 million ($474.6 million) in the quarter ended Sept. 30, compared with A$640.5 million a year earlier. UBS had estimated revenue of A$672 million.
Quarterly production at APLNG, the biggest producer of liquefied natural gas in eastern Australia, rose 3% to 66.5 petajoules (PJ) from last year. The increase, along with a slight uptick in average realized prices, helped offset a mild decline in gas sales.
APLNG is a joint venture between Origin, ConocoPhillips and China’s Sinopec.
Consistent production at the project has helped Origin weather weakness in its energy business, which has been hit by stiff competition and the government’s move to introduce retail power price caps.
Total electricity sales came in at 8.7 terawatt hour (TWh), compared with 9.5 TWh a year earlier.
Earlier this year, the Sydney-based firm had flagged a lower profit for its energy business in fiscal 2020. ($1 = A$1.45) (Reporting by Ambar Warrick and Shriya Ramakrishnan in Bengaluru; Editing by Maju Samuel and Shailesh Kuber)