Incitec Pivot FY profit slips

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.