TEL AVIV, Nov 18 (Reuters) - MA Industries, the world’s biggest provider of generic crop protection chemicals, reported a 30 percent rise in third quarter net profit due to higher sales and lower operating and financing expenses.
Quarterly net profit increased to $13.1 million from $10.1 million in the third quarter of 2011, the Israel-based company said on Sunday.
Revenue for the quarter rose to $643.5 million from $638.5 million a year earlier due to higher selling prices and increased quantities sold in Asia and Europe, which compensated for negative exchange rate fluctuations and higher raw material costs.
China National Chemical Corp (ChemChina) owns 60 percent of MA Industries (MAI) while Israeli holding company Koor Industries, a subsidiary of IDB Holding Corp, owns the rest.
“We continue to implement the company’s strategic initiatives, including the integration of MAI with ChemChina’s agrochemicals activities,” the company’s chairman, Yang Xingqiang, said in a statement. (Reporting by Tova Cohen)