Explosives maker Orica Limited (ASX:ORI) increased its net profit excluding extraordinary items 13% to a record $646 million for the year ending in September.
But a $104 million loss on material items pushed the company’s bottom line down to $542 million – just a $2 million improvement over the year before.
“All regions achieved good earnings growth, except for Europe where earnings decreased as a result of significant volume decline,” Orica managing director Graeme Liebelt said.
Revenue also increased 13%, with the company taking in $7.4 billion during the period. The company said it expects to end 2010 with a higher post-tax profit than during 2009.