Incitec Pivot records 25% profit jump

Incitec Pivot has announced an NPAT increase of 25%, recording a profit of $165.6 million.

The fertiliser and explosives manufacturer stated that this figure, recorded over the six months to 31 March, rose from $132.4 million in the previous corresponding period.

In its explosives business, Incitec saw a 12% increase in EBIT to $145.9 million, with an overall jump of 15% from the first half of 2010, with revenue standing at $1.424 billion.

Incitec managing director James Fazzino said this “result confirms the strength of the business model.”

Fazzino went on to say that the company is planning to develop a 100 000 tonne ammonium nitrate plant at Port Hedland, in the Pilbara, which cost $40 million and is scheduled for the last quarter of 2012.

This comes on the back of Burrup Fertilser receiving the go-ahead of the construction of its explosive plant at Burrup, to service the Pilbara region.

At its Moranbah site, Incitec saw delays due to ongoing bad weather and cyclones, which hampered activity.

However, work is already 75% complete and is scheduled for the end of June next year.

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