Thursday, 31 January 2013 14:16
Explosives and mining chemicals supplier Orica says it is on track to meet its guidance on financial performance despite a drop in its specialty bolts and injectable chemicals business.
"What we're seeing this year is that we're slightly ahead of where we thought we would be on explosives," Orica managing director Ian Smith told reporters after the company's annual general meeting in Melbourne on Thursday.
"The ground support business (specialty bolts and injectable chemicals) is slightly behind.
"Putting the whole business together, we're in line with where we thought we would be budgetwise, and that budget is guided by what we said with guidance overall for the company."
Mr Smith said overall demand for explosives worldwide had been holding up better.
The demand for ground support products mostly reflected the state of the North American underground coal market, which was still in a trough.
"It still is a depressed market for ground support," Mr Smith said.
In November 2012 at the release of its full year results for fiscal 2012, Orica forecast a higher net profit excluding one-off items in its 2012/13 fiscal year.
The company booked a net profit of $402.8 million in the 12 months to September 30, 2012, which included a $247 million writedown on its specialty bolts and chemicals business, Minova.
For the latest news click here
For the latest Drive features click here
For the latest Travel features click here
For the latest Food & Drink features click here
Follow myresources.com.au on Twitter