November 12, 2018 / 9:58 PM / a month ago

UPDATE 1-Australia's Incitec Pivot profit rises on strong demand

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Nov 13 (Reuters) - Explosives and fertilizer maker Incitec Pivot Ltd lodged a nine percent rise in annual underlying profit on Tuesday, as businesses in the United States and Australia benefited from strong mining, quarry and construction demand.

The world’s No. 2 maker of industrial explosives said net profit excluding one-off items rose to A$347.4 million ($249.33 million) for the year ended September 30 from A$318.7 million a year earlier.

Full-year revenue rose 11 percent to A$3.86 billion from a year earlier, the company said in a statement.

The company said it expected Australian ammonium nitrate markets to remain competitive, keeping pressure on pricing and margins.

Including significant items, the company reported a profit of 207.9 million, down 34.8 percent from a year ago.

In January, the company lost out on a major supply contract with miner BHP Billiton and forecast a reduction of A$10 million to its net profit for fiscal 2020.

However, in June, Incitec said it expected to partially off-set losses it had anticipated after its Dyno Nobel business bagged a contract with two units of the world’s fourth-largest iron ore miner, Fortescue Metals Group.

Incitec said its Dyno Nobel Asia Pacific facility clocked record ammonium nitrate production of 371,000 tonnes during the period. ($1 = 1.3933 Australian dollars) (Reporting by Chandini Monnappa in Bengaluru, Editing by William Maclean)

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