Orica posts 16% fall in underlying profit

Company News

by Katrina Bullock

Mining major Orica (ASX:ORI) have reported that their net profit after tax was down 16 per cent year-on-year to $324 million, a loss of $48 million for the 2018 financial year.

Earnings before interest and tax were down 3 per cent to $618 million.

Orica’s CEO, Alberto Calderon, has attributed the disappointing results to poor earnings before interest and tax in the first half of the financial year which they managed to lift by 46 per cent in the second half, and to technical issues with the Burrup ammonium nitrate plant.

Shares in Orica (ASX:ORI) are trading 0.24 per cent lower to $16.61