13 April 2004 17:44 [Source: ICIS news]
LONDON (CNI)--Israel Chemicals Ltd (ICL) said Tuesday that a power outage at its Rotem Amfert Negev fertiliser subsidiary plus damage caused by recent strikes at its Mishor Rotem and Zafir plants would reduce net profits by about $9m (Euro7.4m).
In a statement to the Tel Aviv Stock Exchange, ICL said the work stoppage had caused damage to a sulphuric acid unit. ICL said that addition to the power outage, Rotem Amfert had also suffered from other unspecified damage.
There was no-one immediately available to give any further details on the generator breakdown including any impact on fertiliser production.
Fertiliser output at Mishor Rotem and Zafir was halted for about a week last month over a pay dispute involving production staff. Production resumed on 18 March, according to ICL.
A|t the end of last month, ICL announced that fourth quarter net income last year dropped 9.2% to $13.8m as reduced tax liabilities were outweighed by one-time restructuring charges. Before these charges, net income rose 31% to $19.9m.
For the full year of 2003, ICL’s net income increased 12% to $103.1m and was up 30% at $119.9m before the one-time charges.
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