Chile’s SQM doubles H1 profit to $190.5m

13 August 2008 06:33  [Source: ICIS news]

SINGAPORE (ICIS news)--Chilean producer and distributor of specialty plant nutrients SQM has posted a doubling of its first-half net income to $190.5m (€127.6m) from $93.9m year on year, due to  strong potassium prices, the firm said.

Revenue from its specialty fertilizers segment jumped to $446.4m from $275.1m in the previous corresponding period, it added in a statement on Tuesday.

The rise was despite lower sales volumes that were overcome by significant increases in world fertilizer prices and tightening suppies, it said. 

SQM also reported positive growth with iodine profits climbing to $125.7m, due to demand growth and better than expected increases in sales volumes.  

SQM chief executive officer Partricio Contesse said, "rising costs continue to have an impact on plant nutrients, suggesting that it was due to higher energy costs."

Looking forward, SQM was optimistic about balancing risings costs with the announced capacity expansion of its new potassium nitrate plant that should be completed in the second half of 2010.

($1 = € 0.67)

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By: Leon Toh
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