Israel’s Makhteshim Agan reports Q3 net profit of $10.1m

07 November 2011 10:33  [Source: ICIS news]

SINGAPORE (ICIS)--Israeli fertilizer producer Makhteshim Agan reported a third-quarter net profit of $10.1m (€7.3m) on Monday ­– a sharp reversal of the $56.2m net loss in the same period last year, in the absence of extraordinary charges.

Sales for the three months to September 2011 rose by 20% year on year to $638.5m, with earnings before interest, tax, depreciation and amortisation (EBITDA) rising more than threefold to $83.3m, from $23.5m in the same period in 2010, the company said in a statement.

The company’s operating profit for September stood at $50.1m, against an operating loss of $4.6m in the same period last year.

In the first nine months of 2011, Makhteshim Agan’s net income stood at $147.2m – more than five times the $27m recorded in the same period last year.

EBITDA rose by 53% year on year to $346m, with sales rising by 15% to $2.1bn, the company added.

Makhteshim Agan is now 60% owned by China National Agrochemical Corp, a full subsidiary of China National Chemical Corp (ChemChina). The remaining 40% is held by Koor Industries, a part of Israeli holding firm IDB Group.

($1 = €0.73)

By: Pearl Bantillo
+65 6780 4359

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