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Incitec Pivot reaffirms 2008 EBIT forecast

Tue Jul 29, 2008 11:33pm EDT

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MELBOURNE, July 30 (Reuters) - Australian fertiliser and explosives group Incitec Pivot Ltd (IPL.AX) on Wednesday reaffirmed its forecast of full year earnings before interest and tax (EBIT) of around A$850 million ($8090 million).

"We're very happy with the 850 type number, and that's at an EBIT level" Chief Financial Officer James Fazzino told reporters after an industry conference.

Analysts' are forecasting EBIT of A$872.8 million, according to Reuters Estimates.

The outlook was based on diammonium phosphate (DAP) fertiliser prices averaging US$1,100 a tonne in the six months to Sept. 30, or triple last year's average of $364 a tonne.

While DAP prices now stand at around $1,200 a tonne, Fazzino said higher sulphur prices and a strong Australian dollar were offsetting the higher DAP price. (Reporting by Sonali Paul)



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