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UPDATE 1-Israel Chem Q2 profit sharply lower, beats forecast
August 24, 2009 / 5:37 AM / 8 years ago

UPDATE 1-Israel Chem Q2 profit sharply lower, beats forecast

* Q2 EPS 12 cents vs 54 cents

* Revenue $1.08 billion versus $2.08 billion

* EPS forecast at $10 cents in Reuters poll

* Revenue forecast at $959 million in poll

TEL AVIV, Aug 24 (Reuters) - Israel Chemicals (ICL) (ICL.TA), a maker of fertilisers and specialty chemicals, posted a sharp fall in second-quarter net profit and revenue on Monday, but the decrease was less than expected.

ICL recorded quarterly net profit of $152.3 million or 12 cents a share, compared with $703.2 million or 54 cents a share a year earlier.

Revenue fell to $1.08 billion from $2.08 billion due to a sharp decline in volumes sold by all of the company’s segments.

The company said that so far in the third quarter the pace of sales at its fertiliser division was higher than in the past three quarters.

The company was expected to post net profit of $130 million, or 10 cents a share, on revenue of $959 million, according to the average of six analysts in a Reuters poll.

The company declared a dividend of $100 million, to be distributed on Sept. 16.

The second largest company on the Tel Aviv Stock Exchange, ICL produces 9 percent of the world’s potash and a third of its bromine. (Reporting by Tova Cohen; Editing by Rupert Winchester)

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