SANTIAGO, April 25 Chilean fertilizer group SQM
said on Friday its cost savings program should
help it battle lower global prices for potash and iodine, but
won't boost profits and margins until next year.
SQM's profits shrunk last year as potash prices retreated
following the breakup of a dominant global potash trader, and
iodine prices fell as supply increased.
"The company has taken important measures to support its
cash flow, such as restructuring of spending, which is going to
be pretty significant," Chief Executive Officer Patricio
Contesse said at the company's annual general meeting.
SQM, also the world's largest supplier of battery ingredient
lithium, said it hoped to save between $70 million and $80
million this year but that would not be reflected immediately in
"This effort will be reflected more fully in profits and
margins next year," said Contesse.
(Reporting by Anthony Esposito; Writing by Rosalba O'Brien;
Editing by Jeffrey Benkoe)