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.
K+S Group reported that first-quarter operating earnings (EBIT I) fell by 31 percent to €218 million and revenues were down 20 percent to €1.1 billion. EBIT I in the Potash and Magnesium Products business unit was down 44 percent to €102 million due to lower sales volumes and a lower average price, particularly for KCl in the overseas regions. The company said the Legacy project in Saskatchewan is on track for commissioning as scheduled this summer.
“As expected, revenues and earnings were significantly below the previous year’s levels due to the prevailing weakness in the potash market,” said Norbert Steiner, K+S chairman. “Thanks to our two-pillar strategy and our broad product portfolio, we have still been able to perform well compared with the competition. The medium and long-term growth trends in our business are continuing and we are consistently gearing all measures towards our management agenda. K+S remains a company with very good prospects.”
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