Incitec Pivot fiscal-year net profit up almost 13%

Fertilizer and explosives manufacturer Incitec Pivot Ltd. reported a 12.8% rise in net profit for the fiscal year ended Sept. 30 to A$463.2 million from A$410.5 million previously, fuelled by a sharp jump in earnings from fertilizers and a A$95 million gain from currency hedging.

Revenue in 2010-11 surged 33% on year to A$3.91 billion from A$2.93 billion as fertilizer prices and volumes rose. The company declared a final dividend of 8.2 cents, up from 6.0 cents a year earlier, according to a company statement.

Chief Executive James Fazzino said the result reflected a strategy to build a solid financial platform to leverage the urbanization and industrialization of Asia, in particular China.

The next phase is to drive further shareholder value through long-term productivity improvements in the existing businesses and to pursue growth options consistent with our strategy and our strict financial disciplines," he said.