Explosives and fertilized manufacturer Incitec Pivot Limited (ASX:IPL) has posted a $179.9 million net loss for the year ending in September – a period the company called its most volatile trading year to date.
The company’s bottom line was dragged down by a $490 million write-down of Dyno Nobel goodwill, Incitec said. Excluding material items, Incitec’s net profit was $347.8 million.
Sales volumes at Incitec’s fertiliser distribution business shrank 29%, but subsidiary Dyno Nobel increased its EBIT to US$222 million ($238.2 million) during its the first full year of ownership by Incitec.
CEO James Fazzino said the company is positioned to feel the benefits of a business efficiency program, and ongoing spending discipline, during 2010. “We’ve come out of the year a fitter business,” he said.