0
Home
News
Directory
E-newsletter
Magazine
Events
Data
AgReport
Subscribe
ICL quarterly net profit, revenue fall
Mar. 29, 2013
Fertilizer and specialty chemical maker Israel Chemicals (ICL) reported a bigger than expected decline in fourth-quarter revenue and net profit due to low potash sales to China and India.
Net profit in the quarter fell to $209.5 million from $369.6 million a year earlier. Revenue declined to $1.34 billion from $1.71 billion reflecting lower quantity sales, especially to India and China and lower average prices, ICL said.
ICL, the world's sixth-largest producer of potash, was forecast to earn $224 million in the quarter on revenue of $1.44 billion, according to a Reuters poll of analysts.
During the first quarter of 2013, ICL signed a number of significant potash supply agreements with customers in India and China indicating strong volumes for 2013, the company said.
ICL will supply 820,000 tons of potash to customers in India in 2013, representing about 23 percent of the total potash supply contracts announced so far in 2013.
ICL added that it continued to hold talks for the supply of potash to additional customers in India.
It will supply 660,000 tons of potash to China in the first half of the year. The company signed 3-year framework agreements with a number of Chinese customers for the sale of 3.3 million tons of potash.
"The high price of agricultural products, together with the past year's decline in fertilizer prices, has given farmers a strong incentive to increase fertilizer application," ICL said.
Canada's Potash Corp, the world's largest fertilizer producer, owns 13.9% of ICL, which is controlled by conglomerate Israel Corp.
Potash Corp last year began talks with Israeli officials on acquiring ICL, the second-largest company on the Tel Aviv stock market, so it can shore up its leverage with China and India, which are expected to drive much of the industry's growth.
ICL declared a dividend of 11.6 cents a share or a total of $147 million for the quarter.
Source: DailyFinance
More from AgroNews
Change
Hot TopicSubscribe
| Subscribe Email: | * | |
| Name: | ||
| Mobile Number: | ||
Comment
0/1200
NEWSLETTER