Incitec Pivot’s net profit after tax has slumped 68 per cent for the year ending September 30, with the company citing resources and fertiliser price slumps.
The chemicals manufacturer reported a net profit after tax of $128.1 million, reports AAP, down from the previous year’s $398.6 million. This included the $167.1 million writedown of its Gibson Island plant.
The Weekly Times notes that Middle East and US urea prices were 29 per cent lower during the year compared to 2014-15.
Overall was down 7.9 per cent for the year to $3.35 billion.
“The challenges in the global resources industry and cyclical lows in international fertiliser prices are storms that Incitec has weathered in the past and is positioned to do so again,” The Australian reports managing director James Fazzino as saying.
“I have confidence in our strategic direction based upon our exposure to the world’s two largest economies, China and the US, and balanced end-market product exposure of explosives, industrial chemicals and fertilisers.”