11 August 2010 08:13 [Source: ICIS news]
Correction: In the ICIS news story headlined “Makhteshim Agan’s Q2 y-o-y net profit surges to $12.4m” dated 11 August 2010, please read in the third paragraph … The increase in sales was partially offset by a decline in selling prices compared with the corresponding quarter last year, the company said … instead of … The increase in sales was mostly due to a decline in selling prices compared with the corresponding quarter last year, as well as the devaluation of the Euro against the US dollar, the company said …. A corrected story follows.
SINGAPORE (ICIS)--Makhteshim Agan’s second quarter net profit rose to $12.4m (€9.4m) year on year, from $1.7m in the year-ago period, due to an increase in sales volume and a decline in raw material prices, the Israeli company said on Wednesday.
The company posted a 7.3% year on year increase in sales to $600.9m in the second quarter, while gross profit was up 13.1% to $175.1m, the agrochemicals firm said in a statement.
The increase in sales was partially offset by a decline in selling prices compared with the corresponding quarter last year, the company said.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 17.2% year on year to $70.9m. Operating profit was also up by 17.3% at $44.1m.
Chairman of the board Avraham Bigger said: "Despite challenging weather conditions and a competitive pricing environment in the quarter and during the first half on the year, we posted some of the better financial results in our industry.”
“At the same time, we recognize that Maktheshim Agan faces significant operational and strategic challenges in the coming years,” Bigger added.
For the first six months of 2010, the company posted a 1.5% year on year rise in net profit to $83.3m, while sales rose 3.2% to $1.32bn.
($1 = €0.76)
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