Citi said despite expectations of high grain prices and a modest recovery in US gas prices, there would be no reprieve from tough conditions facing Incitec in the past six months.
It forecasted a 10 per cent decline in the company's 2013 earnings, with lower global fertilizer prices, currency headwinds and lower US coal production offsetting the benefits of its ammonium nitrate plant project at Moranbah, Queensland.
The plant is expected to produce 250,000 tonnes of ammonium nitrate this financial year. The company's net profit after tax was $510.7 million in 2011-12. It is increasing its strategic focus on its explosives business, which now makes up 60 per cent of its earnings and grew 8 per cent in comparison to its fertiliser business, which declined 40 per cent.
You are a fool, a lot of new farmers like me have had no pivot shares to sell we are just slapped with outrages prices.Just before the GFC i remember 1200ton for urea wich is just unafordable.I hope they go broke along with some of the seed companys corn $350 for a 25kg bag that is outrages.Before you label all farmers wingers do your figures and see how many farmers had shares in this company.
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