Materials Share News Orica Ltd (ORI)

Orica ORI ASXOrica Ltd (ORI) is a leading Australasian manufacturer of industrial and specialty chemicals, agricultural chemicals and fertilizers, commercial explosives and mining chemicals, and other consumer products.

Among the list of sectors on the ASX, ORI is categorised under materials.

On 8 November, ORI reported an FY10 net profit of $1.32 billion, with a one-off gain related to its Dulux demerger driving the result.

Underlying profit rose 4.6% to $675.8 million, which was slightly ahead of analyst estimates of a $675.8 million profit.

ORI contended with a slowdown in mining services during FY10, mainly due to unseasonable wet weather and poor demand in Europe.

The group is forecasting FY11 underlying profit to be higher than FY10 subject to the rate of global economic recovery and the extent of further unfavourable exchange rate volatility.

ORI declared a final dividend of 54 cents compared to last year’s 57 cents.

The company’s share price jumped 2.9% on the day of the announcement, making it one of the best performers in the Australian share market.