Incitec Pivot FY18 profit excluding impairments up 9 per cent

Company News

by Anna Napoli

Incitec Pivot (ASX:IPL) has announced net profit (NPAT) for the year to September 30 2018 was down 35 per cent on the previous corresponding period cent to $208 million.

The fall was due to a previously announced impairment of $140 million in relation to the goodwill write down in Dyno Nobel Asia Pacific.

Excluding the impairment the company's profit was actually up 9 per cent to $347 million.

The company's revenue increased by 11 per cent to almost $3.9 billion.

Earnings (EBIT) excluding individually material items were up 11 per cent on a year on year basis to $557 million.

The company has declared a final dividend of 6.2 cents per share 20 per cent franked.

Incitec Pivot says its had a good uplift in operating performance across its portfolio, including the explosives businesses in the US and Australia, which benefited from strong underlying mining and quarrying demand.

Shares in Incitec Pivot (ASX:IPL) are down 4.02 per cent to $4.06.