.
Orica Limited (ASX:ORI) has improved its annual profit and announced up to 700 job cuts and the sale of its non-mining chemicals division.
The provider of commercial explosives and blasting systems lifted its net profit by 2 per cent to $602.5 million in the full year to the end of September.
Managing Director and CEO Ian Smith says the result reflects the company’s earnings resilience in the face of challenging market conditions.
Orica has advised its transformation program is expected to lead to a further headcount reduction of about 700 positions next year.
The company has also today revealed it has inked a deal to sell its chemicals business to funds advised by Blackstone for $750 million.
Looking ahead Orica says the volatility and uncertainty in global resources markets makes it difficult to provide profit guidance for the year ahead.
A final dividend of 56 cents per share has been declared, taking its full year payout to 96 cents per share.
(20min delay)