Chile’s SQM 2012 income rises 18.9% on higher revenue

06 March 2013 20:27  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Chilean fertilizer producer Sociedad Quimica y Minera de Chile (SQM) generated a net income of $649.2m (€499.9m) in 2012, an increase of about 18.9 % from the previous year, the company said on Wednesday.

Margins were driven by higher sales volumes and revenues in the potassium, iodine, industrial chemical and lithium and derivatives business line, the company said.

Revenues for the year stood at $2.43bn, an increase of about 13% from $2.15bn reported in 2011.

“We are pleased with our performance throughout 2012,” SQM chief executive Patricio Contesse said.

“We finalised some major capital investments during 2012, including an expansion in the Salar de Atacama, which allowed us to increase our potassium production.”

SQM’s net income for the fourth quarter stood at $141.8m, down by about 10.8% from $158.9m in the previous-year quarter, the company said.

Fourth quarter revenues totalled $601.0m, up by about 11.5% year on year from $538.9m.

The company said it would continue its growth and expansion strategy in 2013, despite concerns over downward price pressures in the fertilizer markets and uncertainty in the European market.

“We are constantly evaluating all opportunities that we believe would positively complement our current core businesses,” Contesse said.

($1 = €0.77)

By: Simon West

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