Incitec

Although Incitec Pivot reported a 9% increase in revenue to $1.5bn, net profit for the half year to 31 March fell 13% to $144m. Earnings per share also fell 13% to 8.8 cents, from which a partly franked, 3.3 cent dividend was declared (est. ex date May 18). Operating cashflow all but collapsed; Incitec reported a net cash outflow of $127m compared to a net operating cash inflow of $85m last year. The difference of $212m is worrying, although it is partly explained by the resumption of tax payments.  Table 1: Incitec Pivot's half-year results Half-year ending 31 March 2012...

Although Incitec Pivot reported a 9% increase in revenue to $1.5bn, net profit for the half year to 31 March fell 13% to $144m. Earnings per share also fell 13% to 8.8 cents, from which a partly franked, 3.3 cent dividend was declared (est. ex date May 18). Operating cashflow all but collapsed; Incitec reported a net cash outflow of $127m compared to a net operating cash inflow of $85m last year. The difference of $212m is worrying, although it is partly explained by the resumption of tax payments. 

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