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Orica reports $602 million profit

Mine Services company, Orica, has reported a $602 million profit for the 2013 financial year, a whopping 49% increase on the same reporting period last year.

A company statement attributed the impressive results to improved marketing and operational efficiencies.

“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. “

The Orica 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 is one of the world’s largest provides of commercial explosives and blasting systems to the mining and infrastructure markets, and they also deliver ground support in mining and tunnelling. The company is also the world’s leading supplier of sodium cyanide for gold extraction.

The company operates throughout all states in Australia.

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