In the shadow of labor unrest at most of its Negev plants and volatility in the global potash market, Israel Chemicals Ltd. (TASE: ICL) this morning reported its third quarter results. Revenue fell 18% from the corresponding quarter of 2013 to $1.445 billion. Net profit plunged 50% to $196 million (excluding the impact of tax to release trapped profits and updating deferred taxes following the hike in company tax) from $394 million in the corresponding quarter. If these factors are included profit fell 80%.
Revenue according to region indicates a fall in sales in Asia to just $235 million compared with $488 million in the corresponding quarter. Revenue in North America and Europe was relatively stable totaling $338 million and $545 million respectively.
revenue according to products reflected a reduction in demand for fertilizers and a fall in prices on the global potash and phosphates markets, which influenced the poorer results for the quarter. Israel Chemicals also reported a slowdown in demand for fire retardants and a fall in sales of bromine. On the other hand, the company said that its diverse range of products and a stable business environment improved results in special purpose chemicals.
Israel Chemicals board has approved a dividend of $54.5 million, which will be paid on December 18.
The company also reported that it is preparing to dual list on the NYSE.
Published by Globes [online], Israel business news - www.globes-online.com - on November 13, 2013
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