Profit drop at Incitec

INCITEC Pivot’s first-half profit has fallen 95 per cent to $7.6 million as a result of a previously flagged $236 million impairment.

The company reported a 9.6 per cent increase in revenue for the six months to March 31, but its bottom line was hit by the non-cash goodwill impairment against its Dyno Nobel Asia Pacific industrial explosives and blasting services business.

Earnings before interest and tax from Incitec’s fertiliser business fell 11.7 per cent following dry conditions across eastern Australia.