Incitec Pivot Ltd
(ASX:IPL) has booked a turnaround profit in fiscal 2010, moving from a loss of $221.4 million last year to a net profit after tax of $410.5 million.
The explosives and fertiliser manufacturer says the strong result was delivered in mixed market conditions, including challenges in the US economy and volatile fertiliser demand.
Earnings were dividend equally between its explosives and fertilisers business, Incitec says highlighting its balanced portfolio.
Looking ahead the company says it expects the fertiliser business will benefit from favorable growing conditions and strong global soft commodity prices, albeit dampened by a strong Australian dollar and a highly competitive commercial environment.
Incitec Pivot has boosted its full year dividend by 77 per cent to 7.8 cents, with the final unfranked dividend of 6 cents per share to be paid on 17 December.
Incitec Pivot improved its earnings in the six months to 31 March 2010, booking a profit of $132.1 million.
