Earnings IPL

Earnings IPL.ASX

First half 2016 underlying profit of AUD$137 million is down 6% of the same time last year. Full 2016 earnings should be around $360 million down 10% on Fy15.

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Start up of new Louisiana plant in 2017 should create support for future earnings and we’re probably looking at the low point in the cycle for IPL.

FY17 forecast for $430 million profit on $0.25 EPS and $0.127 in dividends. No buy rec at this stage, waiting for the next bullish signal.

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