Australia's Incitec Pivot jumps on H1 beat, sale talks for fertiliser unit

Dyno Nobel

16/05/2024 02:16

** Shares of Australian fertiliser and explosives maker
Incitec Pivot Ltd  IPL.AX  rise as much as 6% to A$2.990, their
highest level since March 9, 2023 
    ** IPL stock marks its biggest intraday pct jump since Jan
31
    ** Co posts HY adjusted net profit after tax of A$164 mln
($110.03 mln), down 55% y/y, and beats RBC estimate of A$142 mln
    ** HY revenue down 19.4% to A$2.46 bln, but beats RBC
estimate of A$2.05 bln
    ** Announces interim dividend of 4.3 AU cents per share,
special dividend of 10.2 AU cents apiece
    ** Also says it is in advanced talks with Indonesian
state-owned fertiliser company PT Pupuk Kalimantan Timur
 PUPUK.UL  to sell its fertiliser business
    ** More than 3.8 mln IPL shares change hands, vs the 30-day
average of 3.7 mln shares
    ** IPL stock up 15% this year, as of last close

    ($1 = 1.4905 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))