Israel's Makhteshim Agan widens Q4 net loss to $159.2m

17 March 2011 08:22  [Source: ICIS news]

SINGAPORE (ICIS)--Makhteshim Agan Industries widened its net loss to $159.2m (€114.6m) in the fourth quarter of last year, compared to a loss of $29.8m in the same period a year earlier, as operating expenses doubled, the Israel-based company said on Thursday.

Sales in the fourth quarter rose 1.8% year on year to $505.1m, while earnings before interest, tax, depreciation and amortisation (EBITDA) swung to a loss of $85.4m, from a gain of $8.7m in the same period a year in 2009, it said.

Operating expenses for the fourth quarter of 2010 totalled $245.8m, or 48.7% of sales, compared with $118.3m, or 23.8% of sales, in the same period a year earlier, the company said.

The increases in operating expenses were mainly due to one-time extraordinary charges of $153m incurred during the year, an increase in sales cost and an increase in administrative and general expenses, the firm said.

For the full year, the company swung to a net loss of $132.3m, versus a gain of $32.7m in 2009.

Full-year sales rose 6.7% year on year to $2.36bn, while EBITDA fell 34.9% to $141.7m.

“One-time charges relating to overall restructuring measures impacted significantly our results," said Erez Vigodman, president and CEO of Makhteshim Agan.

“The add on acquisitions we have closed in Mexico and Korea together with the collaboration agreement with Monsanto in the North and Latin American markets, will all support further our growth in 2011,” Vigodman added.

($1 = €0.72)

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By: Nurluqman Suratman

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