Incitec Pivot FY profit slips

Explosives and fertiliser group hit by high dollar, low fertiliser prices.

Incitec Pivot (IPL) says it remains focused on maximising returns from its current business, after the high Australian dollar and low global fertiliser prices triggered a fall in net profit for 2013.

For the 12 months to September 30, Incitec Pivot reported a net profit of $372 million, down from $233.3 million in the previous corresponding period.

Adjusting the previous year’s net profit to account for the group’s Moronbah unfavourable contract liability release, net profit fell by $64.3 million, or 18%, in the year to September 30. 

Meanwhile, revenue for the year slipped to $3.404 billion, down 2.8 per cent from the previous year.

Incitec Pivot will pay a final dividend of 5.8 cents per security, with 4.35 cents franked at 30%.

The payment brings its total dividends for the year to 9.2 cents per security, down from 12.4 cents in the previous year. 

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