The figure included individually materialised items, which aggregate were $527.7m, including a $490m non-cash write-down of Dyno Nobel goodwill.

However, net profit after tax (NPAT) excluding IMIs was $347.8 million for the full year.

IPL managing director, James Fazzino, said the company experienced unprecedented global volatility during 2009, but the company had "come out of the year a fitter business".

"In the medium term, the strategic fundamentals underpinning our exposure to minerals and food remain intact," Mr Fazzino said.

"The underlying profit in 2009 shows the benefits of our continued focus on business efficiency and of the diversified earnings stream, with the Dyno Nobel acquisition, which delivered half our earnings in the year."

Financial summary:

• Earnings per share excluding IMIs was 22.6 cents;

• IPL will pay a final unfranked dividend of 2.3 cents per share on 18 December 2009, taking the total 2009 dividend to 4.4 cps (48 per cent franked); and

• Net debt to EBITDA excluding IMIs was 1.97 times with undrawn facilities and cash on hand of $0.9 billion at year end.

Features of the result before IMIs were:

• Improved balance of earnings with 52pc from explosives and 48pc from fertiliser manufacturing;

• In 2009, the first full year of ownership by IPL, Dyno Nobel achieved an EBIT of USD222 million, 27pc above 2008 proforma, notwithstanding challenging market conditions in North America;

• IPL’s Australian fertiliser distribution business faced extraordinary external conditions and incurred a loss with sales revenue and volumes down 29pc; and

• The $276.4 million EBIT contribution from fertilisers came entirely from manufacturing products.