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ORICA POSTS HIGHER 1H NET PROFIT OF $US87MLN.
SYDNEY, May 3 Asia Pulse - Orica, an Australian chemical and fertilizer company, has announced a first half net profit of $A122.2 million ($US87.97 million).
The firm today said it expected earnings momentum to continue into the second half.
"We expect the earnings momentum to continue through the second half given the seasonal bias to mining services and fertilisers," Orica chief executive Malcolm Broomhead said.
However, the company did caution that there may be some disruption in eastern Australia due to rain and that there would be additional restructuring costs from the US.
"The contribution of fertilizers is subject to rain across Eastern Australia in Autumn and early Winter and there will be some additional restructuring costs associated with a more aggressive efficiency program in North America," Mr Broomhead said.
The company said current market estimates for the full year net profit figure of $316 million, "give a reasonable indication of our expectations at this point".
Orica said revenue hit $2.1 billion in the six months to March 31, 2004 compared to $1.8 billion the year before.
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Source: HighBeam Research, ORICA POSTS HIGHER 1H NET PROFIT OF $US87MLN.