Israel’s Makhteshim Agan Q3 net profit rises 30%, sales up 0.8%

19 November 2012 03:26  [Source: ICIS news]

SINGAPORE (ICIS)--Makhteshim Agan posted a 30% year-on-year increase in its third-quarter net profit to $13.1m (€10.2m), backed by strong sales in the Asia Pacific and Africa, the Israeli fertilizer company said over the weekend.

Overall sales in the three months to September edged up 0.8% year on year to $643.5m, with the Asia Pacific and Africa contributing 20% of the total at $130.2m – a 10.7% increase compared to the same period last year, the company said in a statement on Sunday.

“This reflected increased quantities sold and a rise in selling prices partially offset by the erosion of local currencies, primarily the Indian rupee,” Makhteshim Agan said.

Sales in North America, Latin America and Israel, slipped 2.1%, 7.5% and 3.7%, respectively, while sales in Europe increased 2.3% during the quarter, the company said.

Makhteshim Agan’s third-quarter gross margin was unchanged at 31% compared with the same period last year, with operating profit rising 5.3% to $52.8m, the company said.

Earnings before interest, tax, depreciation and amortisation (EBITDA) were up 7.6% to $89.6m, it said.

In the first nine months of 2012, the company’s net profit slipped by 1.9% year on year to $144.4m, although sales increased by 5.3% to $2.26bn.

Operating profit for January-September rose 11.7% year on year to $278.6m, while EBITDA improved by 12.4% to $388.7m, Makhteshim Agan said.

($1 = €0.78)

By: Pearl Bantillo
+65 6780 4359

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