Israel Chemicals Q3 revenue dips, profit stable

Raviv Zoller / Photo: Natali Cohen Kadosh

The decrease resulted mainly from the delay in the signing of potash supply contracts in China and India and negative foreign currency impact.

Lower potash and phosphate fertilizer sales saw Israel Chemicals (TASE: ICL: NYSE: ICL) revenue dip in the third quarter of 2019. The company published its financial results for the third quarter today showing that revenue fell 3% to $1.325 billion compared with $1.371 billion in the corresponding quarter of 2018. The decrease resulted mainly from the delay in the signing of potash supply contracts in China and India and negative foreign currency impact.

Operating profit of $201 million remained stable and adjusted EBITDA of $307 million increased by 4% from the corresponding quarter of 2018.

Israel Chemicals president and CEO, Raviv Zoller said, "Israel Chemicals diversified portfolio, our strong specialty businesses and the focus we continue to place on containing costs and generating cash, are reflected in our solid third quarter and YTD results. Our performance is highlighted by the challenges we overcame this quarter, including the delay in the signing of potash supply contracts and significant headwinds from the commodity business environment, as well as the negative impact from exchange rates following the devaluation of the euro and the Chinese yuan, which harmed our top line, and the strong Israeli shekel, which impacted our costs."

Published by Globes, Israel business news - en.globes.co.il - on November 7, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Raviv Zoller / Photo: Natali Cohen Kadosh
Raviv Zoller / Photo: Natali Cohen Kadosh
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