Germany's K+S Group Q1 profit surges 70% on stronger prices

11 May 2011 07:56  [Source: ICIS news]

SINGAPORE (ICIS)--K+S Group’s first-quarter profit rose 70.4% year on year to €293.6m ($425.5m), as sales grew on the back of higher prices and stronger demand for fertilizers, the German chemicals company said on Wednesday.

Group earnings after taxes rose to €293.6m in the first quarter from €172.3m in the first quarter of 2010, the company said in a statement.

Revenues rose 15.8% year on year to €1.78bn in the first quarter, while earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 33% to €443.1m, the company said in a statement.

“Strong demand for fertilizers and an above-average de-icing salt business were mainly responsible for the positive course of business in the first quarter,” the statement said.

In its outlook, the company said that revenues in 2011 should “rise significantly” against the previous year.

Group EBITDA, meanwhile, should rise strongly due a “probably strong” growth in earnings in the potash and magnesium products segment as well as a tangible improvement in operations earnings in the nitrogen fertilizers business, the company said.

“However, the operating earnings of the salt business segment will probably decline moderately,” it added.

($1 = €0.69)

By: Nurluqman Suratman

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