Orica to sell Minova

ORICA has put its Minova ground control division on the market as first-half earnings slumped at the explosives major, with underlying earnings down 51 per cent to $152m compared to the first half of its last fiscal year.

Orica slashed its earnings outlook for the year in February when it announced the departure of Alberto Calderon as its chief executive, blaming trade tensions between Australia and China and COVID-19 ructions for denting demand for thermal coal.

On Thursday, the company said it had booked after-tax profits of $77m for the six months to the end of March, down 54 per cent on the same half last financial year, with underlying earnings before interest and tax of $152m, down 51 per cent.

The company declared a 7.5c a share dividend, compared to a 16.5c a share interim payout last year.