Orica's profit has slumped by three per cent as the explosives maker revises down its guidance and declares the mining boom over.
But a transformation program has helped support Orica's earnings, despite a five per cent first half drop to $472 million, in the face of "challenging conditions".
Orica's interim chief executive Alberto Calderon described market conditions as "unquestionably difficult".
"While the mining price boom has ended, Orica's operations are more closely correlated to production volumes, which have remained steady," Mr Calderon said.
Orica's transformation has so far included completion of supply contracts and the cutting of around 550 operational support roles.
The company described the FY15 outlook for global markets as volatile, with guidance difficult to provide.
Nonetheless, Orica expects to produce 3.75 million tonnes of explosives for the period, compared with earlier guidance of up to four million tonnes.
It expects volumes to be down in Australia and up in the Americas.
Orica's shares closed up 70 cents, or 3.47 per cent, at $21.89.
FADING BOOM HITS ORICA BOTTOM LINE - results for six months to March 31
* Net profit of $211m, down 3% from $218m in the previous corresponding period
* Earnings from continuing operations $472m, down 5% from $499m
* Interim dividend of 40 cents per share, no change from pcp.
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