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The company said this included the gain on the Australia Pacific LNG transaction that was offset in part by impairment charges, most of which related to lower oil prices.
Stripping out the effect of the APLNG deal still leaves Origin with an underlying net profit of $277 million, up 38% from the $200 million made in the previous corresponding period.
Managing director Grant King attributed the increase to the strong performance of its exploration and production segment.
"Contributions from production assets in the Otway and Taranaki basins helped drive this growth, more than offsetting a production constraint in the Bass Basin and the 50 per cent dilution of our interest in coal seam gas from late October 2008."
Chairman Kevin McCann announced that Origin would pay out an interim dividend of 25c - more than double what the company paid in the first half of the 2007-08 financial year - and would pay a final dividend of at least 25c per share in September.
King added that the $2.3 billion work program required to reach a final investment decision for the project had already been approved and was not underway.
This covers upstream planning and appraisal, front-end engineering and design, LNG site selection, marking and project approvals.
Origin noted that the Uranquinty power station, the expanded Quarantine power station as well as continuing increases in CSG production are expected to make initial or increase contributions to the company's second-year results.
The reduction of debt as a result of the cash injection from ConocoPhillips will also allow the company to reduce interest expense and benefit higher interest earnings.
However, Origin still cut its full year underlying profit guidance from 30-40% growth to 20-25%.
The company also scrapped its share buyback program, citing the need to retain funding for growth opportunities.
"Notwithstanding the current challenging economic environment, the availability of $6.4 billion in cash and undrawn debt facilities, together with a growing cash flow, will enable Origin to fund its existing capital program as well as take advantage of opportunities which will emerge in the coming year," King said.
