Aug 7(Reuters) - Orica Ltd ORI.AX :
* Says review leads to expected impairment of assets and outlook update
* Says expects FY 2016 earnings to be in line with FY 2015
* Expects to recognise a non-cash impairment charge in the range of $1.35 billion to $1.65 billion (after tax) in its 2015 FY financial results
* Market conditions remain extremely challenging and in this environment there is an increased need to further reduce costs and increase efficiency
* Reviewing the on-market share buy-back that was announced on March 2
* The company is now able to say that it expects FY 2015 npat to be between 10% and 15% lower than about $490 million
* Says one-off cash costs will be slightly higher in FY 2015 than anticipated
* Says "remains on track to deliver global explosives volumes of around 3.75 million tonnes"
* Says gross benefits from the transformation program will be above the target range of $140 million to $170 million for FY 2015
* Range of one off impacts are forecast to have a negative year on year npat impact of approximately $40 million"
* Source text for Eikon ID:nASX72Vql5