Incitec Pivot reports fall in earnings FERTILISER and explosives maker Incitec Pivot has posted a 33 per cent fall in full year net profit and warned that it expects a decline in earnings this year. HEAVY writedowns totalling $109.2 million led to the fall in net profit to $247.1 million. Excluding the impairments, there was 21 per cent growth in net profit to $356.3 million, the company said. There was Australian earnings growth in all of its businesses. The explosives business earnings before interest and tax increased 14 per cent to $370.5 million led by sales growth in its Moranbah ammonium nitrate plant in Queensland. The fertilisers division lifted nine per cent to $183.4 million. The outlook for the current 2015 financial year was not positive however, with earnings tipped to decline in explosives in Australia, Turkey and Indonesia. Flat earnings were tipped in explosives in its Americas division, while the fertilisers business is also forecast to be similar to 2014. Chief executive James Fazzino said the businesses would face challenging market conditions in the resources and agricultural sectors in 2015. The impairments that weighed on the profit related to write-downs at its Turkish explosives business, its investment in Fabchem China and Donora ammonium nitrate manufacturing plant in the US reflecting the loss of customer volumes. Its new Louisiana ammonia project was on track and more than 50 per cent complete. It is one of two key components in the company's growth plans, through its exposure to the US, along with its Moranbah plant's exposure to Asia's industrialisation. Mr Fazzino said the result reflected the company's ability to deliver in the face of challenging markets by executing on strategy. The company had delivered $21 million in savings in the 2014 financial year while incurring $12 million of one-off implementation costs of an overhead reduction program. The company's final dividend was 7.3 cents, up from 5.8 cents a share.