Israel's MA Industries quarterly net loss narrows

TEL AVIV, March 10 Sun Mar 10, 2013 4:19am EDT

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TEL AVIV, March 10 (Reuters) - MA Industries, the world's biggest provider of generic crop protection chemicals, reported a narrower net loss in the fourth quarter due to higher sales and slightly lower operating expenses.

The quarterly net loss amounted to $21.9 million compared with a loss of $26.7 million in the fourth quarter of 2011, the Israel-based company said on Sunday.

Revenue for the quarter rose to $579.5 million from $549.3 million a year earlier due to an increase in the quantity of products sold and higher selling prices, partially offset by currency effects.

China National Chemical Corp (ChemChina) owns 60 percent of MA Industries (MAI) while Israeli holding company Koor Industries, a subsidiary of IDB Holding Corp , owns the rest.

"During the year, the company progressed in implementing its strategic initiatives, including the integration of MAI's and ChemChina's operations, expansion of the company's global marketing activities and the launch of new, differentiated products," the company's chairman, Yang Xingqiang, said in a statement. (Reporting by Tova Cohen)

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