February 28, 2018 / 9:58 PM / in 4 months

Australia's Orica flags $233 mln in H1 impairment charges

March 1 (Reuters) - The world’s No. 1 commercial explosives maker Orica Ltd said on Thursday that first half profit would be hit by a range of charges amounting to A$300 million ($232.95 million).

The charges include a loss of about A$55 million on its U.S.-based assets, due to the new U.S. federal tax code, the company said in a statement to the exchange.

Orica said it expected stronger performance in the second half of fiscal 2018 and that job cuts would save A$30 million a year fiscal year 2019 onward. ($1 = 1.2878 Australian dollars) (Reporting by Aaron Saldanha in Bengaluru Editing by Andrew Heavens)

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