Incitec Pivot Ltd. reported first half net profit after tax (NPAT) of A$31.5 million on revenues of $1.52 billion, down from the year-ago $146.4 million and $1.59 billion, respectively. However, after a one time impairment of $105.6 million relating to the value of the Gibson Island fertilizer plant, NPAT was $137.1 million.
“Our first half results underscore the resilience of the business, particularly given the pronounced resources sector downturn and decline in global fertilizer prices,” said IPL Managing Director and CEO James Fazzino. “Our performance validates decisions taken over the past several years to position the company to respond to market conditions.”
IPL said its new nitrogen project in Louisiana is now 97 percent complete and it is expected to commence production in the third quarter.