February 22, 2008 / 7:37 AM / 11 years ago

Yara's GroHow sees 2008 profit stable

HELSINKI, Feb 22 (Reuters) - Fertiliser maker Yara’s (YAR.OL) Finnish subsidiary Kemira GroHow KGH1V.HE on Friday reported a rise in fourth-quarter sales and profits, and forecast 2008 profit, minus one-offs, to stay at a good level.

GroHow’s October-December profit before taxes tripled to 15.5 million euros ($22.8 million), helped by many one-off items, while sales rose 2 percent to 288.2 million.

“Fertiliser demand is expected to continue on a good level during the first half of 2008,” GroHow said.

“All raw materials for fertilisers are expected to be significantly more expensive than in 2007, but higher fertiliser prices are expected to compensate for the increase in costs.”

Kemira GroHow said it expected its operating profit for 2008, excluding non-recurring items, to continue at a good level. In 2007 its operating profit, minus one-offs, was 63.6 million euros.

GroHow proposed a dividend of 0.35 euros per share for 2007.

Yara made a public offer for GroHow last year, and owns 54 million shares in GroHow, representing 95.1 percent of stock. (Reporting by Tarmo Virki; Editing by Paul Bolding)

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