Land down underAussie explosive maker reports healthy returns
Melbourne-based Orica is the world’s largest industrial explosives maker — and also the world’s largest producer of explosives used in land mines; results for the first half of 2009 shows increase of 15 percent in profit before one-time charges
Melbourne, Australia-based Orica Ltd., the world’s largest industrial explosives maker — and also the world’s largest producer of explosives used in land mines — reported first-half profit dropped 1.8 percent after one-time items, restating its forecast that full-year profit will increase.
Net income fell to A$220.4 million ($162 million), or 56.1 cents a share, in the six months which ended 31 March, compared with A$224.5 million, or 66.2 cents a share, a year earlier, the company said today in a statement to the Australian stock exchange. Profit before one-time charges rose 15 percent, it said.
Orica maintained its forecast for an eighth year of growth even as the global recession forces mining companies which use explosives to blast pits to slow expansions and cut output. Demand across its operations is expected to remain “soft” in the short term, Orica said. “Our businesses continue to show considerable resilience,” the company said today. “However we remain vigilant because of unpredictable global market conditions.”
