Incitec Pivot’s earnings hit by Queensland floods

Company News

by Anna Napoli

Incitec Pivot's (ASX:IPL) first half net profit (excluding IMI's) has fallen by more than two-thirds to $42 million following the North Queensland floods.

Earnings Before Interest and Tax (EBIT) fell from  $240m  in the year earlier period to $119 million.

The industrial chemical company took a $60 million hit from the Queensland rail outage following major flooding impacting its production at Phosphate Hill.

The company declared an Interim dividend declared of 1.3 cents per share, unfranked, representing payout ratio of 50 per cent of NPAT.

Looking forward, Incitec Pivot expects an Improved outlook for the second half of 2019.

 Full financial year 19 earnings are expected to be between $370m and $415m (after $209m impact from non-recurring events).

Shares in Incitec Pivot (ASX:IPL) closed 0.91 per cent higher to $3.33 on Friday.