Incitec Pivot Ltd. (IPL), Melbourne, Australia, reported a 54 percent increase in net profit after tax (NPAT) of A$64.6 million (approximately $42.2 million at current exchange rates) for the six months ending March 31, 2020 on revenues of A$1.85 billion, up from the year-ago A$41.9 million and A$1.74 billion, respectively. EBIDTA increased 28 percent, to A$337.5 million. Revenues were up 6 percent.
Fertilisers Asia Pacific narrowed its loss position from a year-ago, posting an EBIT loss of A$9.9 million versus the first-half FY2019 loss of A$32.5 million. Weak fertilizer volumes in the first four months of the fiscal year due to drought conditions, as well as historic low commodity prices weighed on the division’s performance. However, the company highlighted very strong demand in February through April on improved weather conditions.
IPL also has announced a capital raising of A$600 million via an institutional placement at A$2 per share, and up to A$75 million via a non-underwritten share purchase plan. The program will cut the company’s net debt to A$1.276 billion, and is aimed at making the business more resilient in the current uncertain environment, it said. IPL has also opted not to pay an interim dividend for the fiscal half year.