Reuters reported that Australia's Orica Limited saw a 15% YoY jump in full year net profit, beating market forecasts as it rode a mining boom.

Orica said in a release that it expected its profit to grow again in 2009, but did not give a specific forecast. It added that "This is subject to global economic conditions and particularly their impact on demand in developing nations.”

The group, whose main rival is its former subsidiary Incitec Pivot Limited, last week indefinitely postponed plans to spin off its paints and coatings business, which had been planned for early 2009, due to the volatility in stock markets.

Net profit before one offs rose to AUD 572.3 million for the year to September from AUD 497.8 million in2007. Net profit including items was AUD 540 million, up 11% on the previous year. It will pay a final dividend of 55 cents a share.