(Recasts with 2019 forecast)
Aug 16 (Reuters) - Australia's top electricity and gas retailer, Origin Energy ORG.AX , posted a doubling of annual net profit on Thursday and said it expects further earnings growth in the current year despite intense competition and price pressure.
The results come as soaring power prices bring growing political heat on the sector and its peers to slash household electricity bills after years of steep price growth. profit from continuing operations for the year to June 30 rose to A$838 million ($606.4 million) from A$400 million the previous year, helped by climbing oil and power prices and increased production at its stake in the Australia-Pacific LNG project, Origin said in a statement.
Fiscal 2018 revenue rose 6 percent to A$14.88 billion.
The company reported an adjusted debt position of A$6.5 million, meeting its target to cut adjusted net debt to below A$7 billion by 2018 following the sale of Lattice Energy.
For fiscal 2019, the electricity retailer expected underlying profit to be higher and debt lower. It gave no further details.
Origin did not declare a final dividend but said the medium -term outlook supported the recommencement of dividends in fiscal 2019, subject to board approval.
The energy markets business recorded underlying earnings of A$1.45 billion for the year, falling short of the company's forecast of between A$1.78 billion and A$1.85 billion.
For fiscal 2019 it said it expected the segment to report underlying core earnings of A$1.50 billion to A$1.60 billion.
It added that Australia Pacific LNG's production for 2019 financial year is expected to be between 660-690 peta joules and is targeting operating break-even of $22-26 per barrels of oil.
($1 = 1.3820 Australian dollars)