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Orica books $367m charge before earnings

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AAP

November 09 2012, 7:31PM

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PERTH, Nov 9 AAP - Chemicals manufacturer Orica has booked a $367 million charge against its Minova chemical business ahead of the release of its full year earnings results on Monday.

Orica expects to announce a net profit after tax of $400 million for fiscal 2012 after the writedown is taken into account.

Orica said net profit but before individually material items was expected to be $650 million for the year to September, up from $642 million a year ago.

The announcement came after the close of the market on Friday.

Orica shares closed 18 cents lower at $25 on Friday.