Chile’s SQM to maintain 2012 plans despite European slowdown

21 November 2012 22:41  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Chile’s Sociedad Quimica y Minera de Chile (SQM) will maintain its capital expenditure plans for this year, despite concerns over the slowdown in the European market, the fertilizer producer said on Wednesday.

“Capital expenditures plans are moving forward, and we still expect to invest about $500m (€390m) during 2012,” said SQM CEO Patricio Contesse during an earnings call with investors.

“However, the (European) slowdown is starting to show some effect in volumes across all our business lines. We’ll continue to monitor the financial markets and developments in Europe very closely,” said Contesse.

SQM reported late on Tuesday third-quarter earnings of $165.2m, an increase of 15% year on year.

Revenues for the third quarter stood at $507.4m, a 31% increase from the same quarter last year, SQM said. Revenues in the January-September period were $1.8bn, up by 14%.

Margins were driven by increased prices in iodine and increased sales volumes in the potassium, lithium and industrial chemical business lines, SQM said.

$1 = €0.78


By: Simon West
713-525-2653



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