Incitec profit up 10 per cent

Fertiliser and explosives maker Incitec Pivot has posted a profit increase of 10 per cent for the year to September 30.

CEO James Fazzino said 60 per cent of the result was from explosives sales, an increase of eight per cent on last year.

Reuters reports that profits before one-off items were down 24 per cent. A weaker coal market in the United States meant less demand for explosives.

Earnings in fertilisers were down by 40 per cent, with volatile prices hurting revenues.

Meanwhile, the company’s Mount Isa sulphuric acid plant will close for up to a month, after a boiler failed on Friday. This will lead to decreased ammonium nitrate production at Phosphate Hill and losses estimated at $25 million before tax, reports AAP.