Fertiliser maker Incitec Pivot Ltd
(ASX:IPL) have increased first half profit by 25 per cent.
The company has reported its net profit rose to $165.6 million for the six months to March 31. Revenue grew 15 per cent to $1.42 billion, and fertiliser sales benefitted from higher prices as well.
The company’s chief executive, James Fazzino, said that despite the impact of severe weather on the company’s explosives business and fertiliser distribution, three of the four businesses posted earnings growth.
He did admit that the company’s ammonium nitrate project is Moranbah in Queensland was severely delayed by bad weather, but said the project is expected to begin beneficial operation by the end of June, 2012.
For the year ended September 30, 2010, Incitec reported a net profit of $412 million.
