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Fertiliser demand dwindles along with the rain
2 Nov 2004
The drought is drying up demand for fertiliser sales, and thus taking the gloss off the maiden profit reported by merged agribusiness supplier Incitec Pivot. Incitec reported a net profit of $75 million for the year to September 30, a result driven by cost savings arising from the merger with Pivot. "The outlook for fertiliser demand in 2005 is currently not particularly promising" managing director Greg Witcombe said. He said fertiliser sales rose one per cent to 2.9 million tonnes. The company is investigating whether to proceed with an ammonia and urea plant in Brunei but does not expect to announce a decision on that investment until late next year.
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