Yesterday shares in Orica Ltd (ASX:ORI) closed over 2 per cent higher after the explosives maker posted a better than expected 5 per cent lift in first-half profit and said it was on the hunt for acquisitions.
Chief executive Graeme Liebelt says the company is keen to acquire across all regions and expand into various emerging markets around the world.
Mr Leibelt also said Orica’s acquisition hunt would not be deterred by the Australian dollar, despite the company’s foreign currency exposure reportedly cutting around $17 million off its first half result.
Orica had earlier signalled interest in collapsed petrochemical firm Burrup Fertilisers, placed into receivership by ANZ Banking Group (ASX:ANZ) at the end of last year.
Subject to exchange rates and global economic recovery Orica has confirmed that it expects to deliver improved full year earnings, beating last years $676 million underlying earnings.
Orica boosted its first half profit by 5 per cent to $277.2 million in the six months to 31 March 2011.
