MELBOURNE: Orica Ltd, the world's largest explosives maker, reported a better-than-expected 21% rise in first-half profits before one-off items yesterday, helped by good paint demand, its Fernz chemicals acquisition and cost cuts.
But the company surprised the market by writing off its remaining A$123mil investment in its Qenos plastics joint venture with Exxon Mobil Corp, as high oil prices raised costs and low polyethylene prices hit revenue.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!