Incitec HY profit jumps, raising $600m

Industrial chemicals company Incitec Pivot has reported a 54 per cent jump in half-year profit to $64.6 million, helped by improved performance in the fertiliser and explosives businesses.

Revenue for the six months to March 31 rose 6.0 per cent to $1.85 billion but the company will not pay an interim dividend.

Incitec is raising $600 million through a share sale to institutional and professional investors at $2.00 a share, or an 8.7 per cent discount to the Friday’s closing price of $2.19 per share. 

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