Orica (ASX:ORI) full year profit down 31% YoY

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CEO of explosives maker, Orica (ASX:ORI), Alberto Calderon, says he has “cautious optimism about the year ahead” after revealing a 31 per cent drop in full year profit to $168 million.

Earnings before interest and tax fell 9 per cent year on year to $605 million, impacted by ownership changes in the China business and higher Australian gas costs. Revenue dipped 5 per cent to $5.6 billion.

An unfranked final dividend of 16.5 cents a share will be paid on the 15th of January.

The company committed to a reduction in its Scope 1 and Scope 2 greenhouse gas emissions of at least 40 per cent by 2030.

Shares in Orica (ASX:ORI) are trading 4.83 per cent lower at $16.15.
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Source: Finance News Network