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Australian mining giant Orica posts 31 percent rebound in half year profit result

Xinhua, May 16, 2017 Adjust font size:

Australian mining giant Orica announced a 31 percent increase in their half yearly profit on Tuesday, with the statutory net profit after tax rising to 195 million Australian dollars (144.68 U.S. million).

Orica reported that their underlying EBIT (Earnings Before Interest and Taxes) of 314 million Australian dollars was a result of their improved business initiatives and rising ammonia and gas prices in Australia and worldwide.

Alberto Calderon, CEO of Orica, said in a statement obtained by Xinhua that this result has signalled a return to "predictability", with their financial and operational results normalizing.

"While our turnaround will continue throughout the full year, our underlying EBIT reflects a stabilising business performance," Calderon said.

"It is particularly pleasing that in our largest business, Australia Pacific and Indonesia, volumes grew by 10 percent and EBIT increased by 12 percent."

Orica posted a net debt position of 1.5 billion Australian dollars, with a 35 percent gearing, and will pay an interim dividend of 23.5 Australian cents per share, franked 12.8 percent at 3 Australian cents per share. Endit