Not a great result for Incitec, eek!”Explosives and fertiliser...

Not a great result for Incitec, eek!

”Explosives and fertiliser maker Incitec Pivot will test investor interest in spinning off its Australian fertiliser business, as the company grapples with bad weather ranging from drought to flooding rains.Incitec Pivot chief executive Jeanne Johns said the company was testing the market for a sale or demerger of the drought-affected fertiliser business, but had not ruled out retaining it if that was best for shareholders. Investment bank UBS is advising the company.

"That material will be made available in coming weeks," Ms Johns said.

On Tuesday the company said its full-year profit after tax excluding individually material items tumbled 56 per cent in the 2019 financial year. This included $140 million of non-recurring items. It blamed bad weather, technical glitches and high gas prices. Overall net profit was down 27 per cent to $152 million.