Incitec Pivot Ltd., the largest fertilizer maker in Australia, said that its net profit grew by 33% for the first half of the fiscal. The company said that it managed to post a good first half despite lower fertilizer prices and challenging conditions in North America. Incitec also said that the profit will be biased towards the second half.

Melbourne based Incitec announced that net profit for the first half of the fiscal ended March 31 was reported of $A132.4 million, increasing by 33% while it was reported of $A99.6 million in the same period last year. Incitec said that it is a sound result considering the tough external environment it had in the first half.

Net profit before one off items was reported of $A146.2 million in the first six months of the fiscal, decreasing by 14% while it was reported of $A169.8 million in the previous corresponding period. Incitec said that the decline in the net profit before one off items was mainly attributable to the lower global fertilizer prices.

Earnings before interest and tax was reported of $A230.1 million in the first half, decreasing by 15% comparing to the same period last year. Explosives EBIT was reported of $A133.2 million in the period, increasing by 3% comparing to the same month last year. On the other hand, Fertilizers EBIT was reported of $A96.9 million, decreasing by 32% while it was reported $A143.3 million in the same period last year.