Incitec Pivot Limited
(ASX:IPL) has reported a nearly 80 percent fall in net profit to $31.5 million for the half year to 31 March 2016.
The result includes a $105.6 non-cash impairment to the asset value of the Gibson Island fertiliser manufacturing plant.
Managing Director and CEO James Fazzino said the company needs to lower Gibson Island’s non-gas costs so the plant can be globally competitive by the end of 2016.
Net profit excluding the impairment was $137.1 million, a decrease of 6.4 percent period on period.
Incitec Pivot will pay an interim dividend of 4.1 cents, fully franked.
