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UPDATE 1-Australia's Incitec Pivot sees FY18 profit hurt after Roy Hill contract termination

Published 11/01/2018, 07:47 pm
Updated 11/01/2018, 07:50 pm
© Reuters.  UPDATE 1-Australia's Incitec Pivot sees FY18 profit hurt after Roy Hill contract termination

© Reuters. UPDATE 1-Australia's Incitec Pivot sees FY18 profit hurt after Roy Hill contract termination

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(Adds context, 2017 profit figure)

Jan 11 (Reuters) - Incitec Pivot Ltd IPL.AX said on Thursday it will take a hit to its fiscal 2018 net profit of about A$5 million ($3.9 million) after the expiry of its contract as explosives supplier to Roy Hill Iron Ore.

The explosives maker said in a statement it will cease to be Roy Hill's contracted supplier from the expiry of the current contract in February 2018.

The contract loss will also lead to a one-off profit reduction of A$16 million in fiscal 2019, A$22 million in fiscal 2020, A$18 million in fiscal 2021 and A$20 million in fiscal 2022, Incitec said.

The company also said last month it would lose a supply contract with miner BHP Billiton (LON:BLT) BHP.AX in November 2019, and forecast a reduction of A$10 million to its net profit for fiscal 2020 and A$25 million for fiscal 2021. reported a net profit of A$318.7 million in fiscal 2017. = 1.2713 Australian dollars)

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