Manufacturer and distributor of mining and chemical products and services Orica Ltd
(ASX:ORI) has written down the value of its Botany groundwater treatment plant assets in NSW to nil.
The assets previously had a book value of $61.1 million before the write down.
The company says the write down will not effect the company’s commitment to the continued operation of the plant.
Orica says this non cash write down will be recognized as an individually material item in the financial statements for the year to September 30 2009.
In May this year the company reported a 2 per cent decline in net profit for the half year and said it expects net profit after tax in 2009 to be higher than in 2008.
Orica reported net profit of $539.6 million in 2008.
