Israel's ICL Q2 net income falls on higher expenses, tax rate

15 August 2012 13:13  [Source: ICIS news]

LONDON (ICIS)--ICL’s second-quarter net income attributed to shareholders fell by 4.5% year on year to $407m (€330m) on a higher effective tax rate and financial expenses, the Israeli fertilizer and chemical producer said on Wednesday.

Total sales in the second quarter rose 1.9% year on year to $1.97bn, reflecting higher potash prices and higher fertilizer volumes, partially offset by lower sales volumes of the group’s industrial and performance products, lower prices for phosphate products and the negative impact of the appreciation of the dollar, the company added.

ICL said that its second-quarter results “reflect increased revenues from Asia, which reached 29.5% of sales, and from Latin America, which reached 14.3% of total revenues, mainly due to higher fertilizer sales.”

The company’ second-quarter operating income rose 0.4% compared with the same period last year, as higher prices in most businesses and higher volume sales of fertilizers more than compensated for higher energy and input costs, it said.

($1 = €0.81)

By: Franco Capaldo
+44 (0)20 8652 3214

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