Fertiliser supplier Incitec Pivot Limited
(ASX:IPL) has reported a 7 per cent increase in net profit for the half year ended 31 March 2014. Earnings before tax jumped 20 per cent to $303 million, driven mainly by cost-cutting and strong results from its Moranbah nitrate plant. Managing director James Fazzino says the result is confirmation the company strategy of driving returns from existing operations is working. Incitec Pivot is also concentrating on growing its business in China and the US. The company will pay an interim dividend of 3.5 cents per share franked to 75 per cent on 1st July.
Incitec Pivot last produced a full year profit result of $373 million for the year ended 30 Sept 2013.
