Germany's K+S swings to Q2 net profit of €76m

12 August 2010 08:46  [Source: ICIS news]

LONDON (ICIS)--Kali & Salz (K+S) reported a surge in net earnings during the second quarter to €76.3m ($97.8m), up from a loss of €38.9m during the same period of last year, mainly due to further normalisation in fertilizer demand and the inclusion of Morton Salt, the German agrochemicals company said on Thursday.

Revenues came in at €1.06bn, up by 43.3% from the April to June period in 2009, while operating profits soared to €155.5m from €18.1m in the corresponding three months last year.

The company said volume- and consolidation-related growth more than made up for decreases in revenues attributable to price factors.

The salt business segment had significantly increased revenues through the inclusion of newly consolidated de-icing salt unit Morton Salt, it added.

“The welcome development so far this year shows that the economic situation has bottomed out and that the K+S Group is back on the path to growth,” said Norbert Steiner, chairman of the board of executive directors.

“The positive trend in fertilizer demand is set to continue in the second half of the year too. Together with the first-time inclusion of Morton Salt for the entire year, this should result in the revenues and earnings of the K+S Group rising significantly in 2010,” added Steiner.

($1 = €0.78)

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By: Hilde Ovrebekk
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