TEL AVIV May 13 Adama Agricultural Solutions, the world's biggest provider of generic crop protection chemicals, reported a 9 percent rise in net profit in the first quarter, boosted by higher sales in Europe and Latin America.
The quarterly net profit amounted to $98.7 million compared with $90.2 million a year earlier, the Israeli company formerly called MA Industries said on Tuesday.
Sales for the quarter rose 2.7 percent to $909.7 million due to higher quantities sold and higher selling prices and an improved product mix.
Sales in Europe rose 7.2 percent due to an early start to the season, higher sales volume and prices and a stronger euro. Sales grew 6.2 percent in Latin America but fell 5.1 percent in North America partly due to adverse weather and a decline in sales prices.
China National Chemical Corp (ChemChina) owns 60 percent of Adama while Israel's Discount Investment Corp owns the rest.
"We are continuing to make progress towards achieving our integration goals in China, with the objectives of creating significant R&D, operational and commercial infrastructure in the country, in a way that will strengthen our presence in the Asia-Pacific region and our global capabilities," the company's chairman, Yang Xingqiang, said in a statement. (Reporting by Tova Cohen)