Melbourne — Orica Ltd. reported a 4 percent drop in net profit after tax for the first quarter ending March 31, 2012, to A$253.3 million from the year-ago $263.8 million. Revenues were up 12 percent, to $3.29 billion from the year-ago $2.95 billion. Ammonia and related leaks at the Kooragang Island facility cost the company some $90 million of operating income during the quarter. Orica said the ammonia plant successfully returned to production in February, and the company continues to work on improving its engagement with the community. Globally, Orica said ammonium nitrate volumes were up 8 percent on strong demand in Australia, Asia, Latin America, and the Nordics, which more than offset weaker demand in the U.S., which was impacted by lower demand for coal due to the mild winter. In other news, Orica said its new ammonium nitrate plant in Bontang, Indonesia, started production in April.
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