February 12, 2020 / 9:56 PM / in 13 days

Australia's Woodside Petroleum records 25% drop in annual underlying profit

Feb 13 (Reuters) - Australia’s Woodside Petroleum Ltd on Thursday posted a 24.9% drop in annual underlying profit and lowered its final dividend, hit by lower oil and gas prices and reduced output due to maintenance downtime at its Pluto operations.

Underlying profit, which excludes one-time charges, came in at $1.06 billion, compared with $1.42 billion a year ago.

Net profit after tax was $343 million, down nearly 75% from the $1.36 billion it earned last year.

The oil and gas explorer cut its final dividend to 55 cents per share, from 91 cents it paid out a year ago. (Reporting by Rashmi Ashok in Bengaluru; Editing by Shailesh Kuber)

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