August 1, 2018 / 8:01 AM / a year ago

UPDATE 1-Israel Chemicals Q2 boosted by higher fertiliser prices

(Adds dividend, CEO quotes, details, share reaction)

TEL AVIV, Aug 1 (Reuters) - Israel Chemicals (ICL) reported an increase in profit and revenue in the second quarter, boosted by higher prices for potash and phosphate fertilisers and rising sales of bromine products.

The world’s sixth-largest producer of potash earned an adjusted net profit of $113 million, up from $64 million a year earlier, which excludes the fire safety and oil additives businesses sold off in March. Revenue rose 3.7 percent to $1.37 billion.

A Reuters poll of analysts had forecast quarterly revenue of $1.37 billion and adjusted net profit of $88 million.

The company’s shares were up 3.5 pct in early trade in Tel Aviv on Wednesday.

ICL Chief Executive Raviv Zoller said results in the quarter exceeded management’s expectations, following a record-breaking performance in June in its bromine and phosphate business.

“The company’s growth and profitability during the quarter are attributable to improving market conditions and cost controls, as well as the company’s ongoing efforts to optimise potash production,” he said.

Potash sales in the quarter rose to $330 million from $302 million. The average selling price per tonne rose to $247 from $216.

ICL, which has exclusive rights in Israel to extract minerals from the Dead Sea, said it would pay a dividend of 4.3 cents per share, or about $56 million.

ICL said it will divide its operations into four: potash; phosphate; industrial products including bromine; and agricultural products.

This will enable the company to focus on less developed markets, such as advanced crop nutrition, said ICL, which produces about a third of the world’s bromine. (Reporting by Ari Rabinovitch and Tova Cohen, editing by Louise Heavens)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below