The oil and gas company Woodside has almost doubled its full year net profit.
In the full year to December 2012, the oil and gas producer recorded a net profit of $2.89 billion, up 98 per cent on the previous year.
Woodside chief executive officer Peter Coleman says the profit increase was driven by a 31 per cent rise in production associated with the start up of the Pluto LNG project in the Pilbara.
"Today's financial results highlight the ongoing strength of the company's base business and the significant contribution Pluto has made to our bottom line," he said.
He said increased oil production from the Vincent and North West shelf wells also contributed.
"You can see that 2012 has been a record year for the company in many aspects, with strong improvement across financial metrics," he said.
"We continue to deliver strong returns to our shareholders with a record four-year US dividend of 130 US cents a share.
"We could describe 2012 as a year of delivery against our revised strategic direction."
The 2011 result was dragged down by delay costs associated with the Pluto project.
Shareholders received a fully franked dividend of 65 US cents a share, up 10 per cent on the previous year.