Orica Limited Reports Consolidated Earnings Results for the Half Year Ended March 31, 2017; Provides Capital Expenditure and Tax Rate Guidance for the Year 2017
May 15, 2017 at 06:24 pm EDT
Share
Orica Limited reported consolidated earnings results for the half year ended March 31, 2017. For the first half, the company's sales revenue was $2,437.4 million against $2,553.4 million for the same period of last year. Profit from operations was $314.2 million against $316.5 million for the same period of last year. Profit before income tax expense was $281.2 million against $271.0 million for the same period of last year. Net profit attributable to shareholders of company was $195.2 million or $51.8 per diluted share against $149.0 million or $40.1 per diluted share for the same period of last year. Net cash flows from operating activities were $154.5 million against $132.5 million for the same period of last year. Payments for property, plant and equipment was $87.5 million against $107.3 million for the same period of last year. Payments for intangibles were $26.7 million against $29.6 million for the same period of last year. Net debt was $1,531.8 million as on March 31, 2017 against $2,053.9 million as on March 31, 2016. EBITDA was $445.5 million against $450.1 million a year ago. Negative adjusted net cash flows were $5.9 million against $151.8 million a year ago.
Continued focus on capital discipline will see fiscal year 2017 capital expenditure in the range of $300 million to $320 million (including scheduled maintenance at Kooragang Island and Carseland and remaining Burrup spend). Effective tax rate (excluding individually material items) to be marginally higher than fiscal year 2016, and interest expense will also rise following completion of the Burrup project.
Orica Limited is an Australia-based mining and infrastructure solutions provider. The Company is engaged in the production and supply of explosives, blasting systems, mining chemicals and geotechnical monitoring to its cutting-edge digital solutions. The Company operates through six segments: Australia Pacific and Asia (APA); North America; Latin America; Europe, Middle East, and Africa (EMEA); Global Support and Digital Solutions. Its products and services include 4D bulk systems, bulk systems, packaged explosives, initiating systems, boosters, digital solutions, blasting services, automation, training, mining chemicals, slope stability, and fertilizer. The Company serves various markets, such as surface coal, surface metal, iron ore, quarrying, underground mining, underground construction, construction, civil infrastructure, oil and gas, and agriculture.
Orica Limited Reports Consolidated Earnings Results for the Half Year Ended March 31, 2017; Provides Capital Expenditure and Tax Rate Guidance for the Year 2017