Norway's Yara Q1 net profit falls 25% on foreign exchange loss

22 April 2013 09:19  [Source: ICIS news]

SINGAPORE (ICIS)--Yara International’s first-quarter net income fell by 25% year on year to Norwegian kroner (NKr) 2.26bn ($389m), partly on foreign exchange losses, the Norway-based fertilizer specialist said on Monday.

The company’s revenue fell by 1.11% year on year to NKr20.6bn in January-March this year, while its operating income was down by 13.1% at NKr2.68bn, the company said in a statement.

Yara incurred a NKr218m foreign exchange loss in the first quarter of this year, reversing the NKr394m gain in the same period a year earlier, it said.

“The US dollar was approximately 3% weaker versus the Norwegian krone compared with first quarter 2012, resulting in a negative translation effect in Yara’s results,” the company added.

Looking ahead, the company expects its energy costs to be about NKr300m higher in the second quarter compared to the same period in 2012, while third-quarter energy costs are expected to be NKr50m higher on a year-on-year basis.

($1 = NKr5.81)

By: Nurluqman Suratman

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