February 28, 2018 / 9:42 PM / 6 months ago

BRIEF-Orica Says Further Streamlining Of Business To Result In Reductions To Headcount

March 1 (Reuters) - Orica Ltd:

* “STRONGER SECOND HALF PERFORMANCE IN FY18 IS EXPECTED”

* ‍REMAIN ON TRACK TO DELIVER FULL YEAR SALES VOLUMES AT UPPER END OF GUIDANCE​

* ‍SEES ONE-OFF NET NEGATIVE EBIT IMPACT OF ABOUT $19 MILLION FOR FULL FY

* ‍EBIT PERFORMANCE FOR 2018 FINANCIAL YEAR WILL BE SKEWED TO SECOND HALF​

* ‍FURTHER STREAMLINING OF BUSINESS ACROSS OPERATING REGIONS HAS COMMENCED WHICH WILL RESULT IN FURTHER REDUCTIONS TO OVERALL HEADCOUNT

* FURTHER REDUCTIONS TO OVERALL HEADCOUNT EXPECTED TO DELIVER AN INCREMENTAL $30 MILLION PER ANNUM TO BE REALISED FROM FY19​

* SEES INCREMENTAL POSITIVE EBIT IMPACT OF ABOUT $60 MILLION IN H2

* ‍AGGREGATE OF IMPAIRMENT & PROVISION INCREASES EXPECTED TO BE AROUND $300 MILLION​

* ‍UNPLANNED MAINTENANCE SHUTDOWNS AT YARWUN AND KOORAGANG ISLAND PLANTS WILL IMPACT FIRST HALF PERFORMANCE BY ABOUT $17 MILLION​

* ‍EXPECTS ONE-OFF RESTATEMENT TO VALUE OF ITS U.S. DEFERRED TAX ASSETS, REPRESENTING TAX LOSSES & DEFERRED INTEREST OF ABOUT $55 MILLION​

* ‍EXPECTS YARWUN PLANT TO BE OPERATIONAL TOWARDS END OF FINANCIAL YEAR​ Source text for Eikon: Further company coverage:

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