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
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)