Profits drop at Jordan's Arab Potash Co
AMMAN May 5 (Reuters) - Jordan's Arab Potash Company , one of the world's largest producers of potash, posted a 42.5 percent drop in its first-quarter net profit to 23 million dinars ($33 mln) on Monday as energy costs rose and falling global demand weighed on output.
Sales fell 8 percent to 138 million dinars for the opening three months of 2014 compared with the same period last year, the firm said in a bourse statement.
Potash Corp of Saskatchewan, the world's largest producer, owns 27.9 percent of Arab Potash. Several Arab states, including Saudi Arabia and Kuwait, have minority holdings.
The firm's profits last year fell 34 percent to 131 million dinars with the company saying high energy costs and weaker global prices hurting it's bottom line. ($1=0.709 dinars) (Reporting by Suleiman Al-Khalidi; Editing by Greg Mahlich)
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video