Turkish explosives business weighs down Incitec profit result

Explosives and fertiliser manufacturer Incitec Pivot has posted a net profit decrease of 33 per cent for the year to September 30, a result due to impairments in its overseas businesses.

AAP reports that the full-year net profit of $247.1 million was affected by impairments at three of its overseas businesses.

Business Insider lists these $109.2 million as attributed to Fabchem China ($26.7 million), its Donora aluminium nitrate plant in the US, and – the biggest loss – $56.2 million at Incitec’s Turkish explosives division.

Prior to impairments, after tax profits were up 21 per cent to $356.3 million.

CEO James Fazzino also noted that construction of the company's Louisiana ammonia plant was half-finished and on track.

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