Norway’s Yara Q4 net income more than doubles on improved margins

07 February 2012 07:51  [Source: ICIS news]

SINGAPORE (ICIS)--Yara International’s fourth-quarter net income after non-controlling interests more than doubled year on year to Norwegian kroner (NKr) 3.39bn ($582.5m), because of improved product margins, the fertilizer major said on Tuesday.

The quarterly result was also positively affected by divestment of the 16% ownership in Yara Praxair that led to a net income of NKr967m, the company said in a statement.

Yara’s earnings before interest, tax, depreciation and amortisation (EBITDA) excluding special items increased by 27.3% year on year to NKr4.00bn in the three months to December 2011, the statement said.

“Yara reports strong fourth-quarter results, as margins improved compared with last year, more than offsetting the impact of lower sales volumes,” said Yara president and CEO Jorgen Ole Haslestad.

For the full fiscal year of 2011, Yara’s net income after non-controlling interests rose to NKr12.1bn, from NKr 8.73bn a year earlier, while its EBITDA excluding special items increased by 49% year on year to NKr16.0bn, according to the statement.

($1 = NKr5.82)

By: Samuel Wong

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