Incitec Pivot Limited
(ASX:IPL) says declining performance in its fertiliser division is behind a 23 per cent fall in its first half net profit.
Incitec’s first half net profit of $110.2 million came on the back of a 19 per cent fall in fertiliser earnings.
The division took a hit on the strong Australian dollar and lower commodity prices.
Incitec says those factors combined with freight rates reduced earnings by $52 million in the half year.
Incitec Pivot will pay an interim dividend of 3.4 cents and has not provided full year earnings guidance due to the potential impact of further commodity fluctuations and foreign exchange markets.
