News & Media
Orica reports $602 million profit for 2013 financial year
11 Nov 2013
Orica Limited (ASX: ORI) today announced a statutory net profit after tax (NPAT) and after individually material items of $602 million for the full year ended 30 September 2013, up $199 million or 49% compared with the previous corresponding period (pcp) of $403 million. Before individually material items, NPAT was $602 million, down from $650 million in the previous financial year.
The Board has declared a fully franked final dividend of 55 cents per ordinary share (cps).
Earnings before interest and tax (EBIT) were $985 million (4% below the pcp of $1,023 million). Earnings before interest, tax, depreciation and amortisation (EBITDA) were steady at $1,269 million.
Orica recorded full year sales revenue of $6.9 billion, up 3% on pcp. Net operating cash flows at $1,059 million, rose from $544 million in the pcp. Earnings per ordinary share were 165 cents, 7% lower than pcp.
The strategy of promoting product and service differentiation has led to an increased contribution from Mining Services across its explosives markets. Mining chemical products improved on the back of better plant performance.
Ground support markets were much weaker than expected in the second half of the year which led to an acceleration of the integration of the business into Mining Services. This program was completed by the end of the financial year with the costs included in the 2013 Financial Year.
Chemicals EBIT was $92 million, 8% below pcp, due to subdued demand.
Depreciation and interest charges were higher for the year.
Net profit after tax before individually material items in 2014 is expected to exceed 2013, however volatile market conditions add a greater degree of uncertainty.
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