The chief executive of fertiliser and explosives maker Incitec Pivot says it is vital farmers can grow crops to feed Australians at a time of crisis.
Incitec Pivot boss has told investors there is"plenty of interest"in the company’s fertiliser division,which is the subject of a strategic review that could lead to its sale.
Incitec Pivot's CEO says the company will gauge investor interest in its'unique'local fertiliser arm,after it booked a big drop in full-year profit.
The S&P/ASX 200 dropped 25 points to close at 6579,the first decline after four sessions of gains.
Incitec Pivot has downgraded its full-year guidance amid ongoing drought while also announcing a review of its Asia Pacific fertilisers segment.
More than $140 million of significant one-off hits has more than halved the earnings of fertiliser and chemicals manufacturer Incitec Pivot.
The fertiliser giant also warned that severe drought across the eastern states and recent Queensland floods would depress first-half earnings by $80 million.
Incitec Pivot says it has been informed that a key railway line in Queensland hit by flooding this month will reopen sometime between late April and mid-May and it expects losses from the outage in excess of $100 million.
The devastating north west Queensland floods have jolted the beef producer Australian Agricultural Company,with its market cap falling $78 million on Monday
Government instability and uncertainty surrounding energy policy and the US-China trade war are putting the Australian economy in jeopardy.
Incitec Pivot's first-half profit plummeted 79 per cent amid weak global fertiliser prices and after high energy costs forced it to write down the value of its Brisbane factory.