Chile’s SQM Q1 net income rises slightly on higher sales

29 May 2013 19:26  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Chilean chemical and fertilizer producer Sociedad Quimica y Minera de Chile (SQM) generated a first-quarter net income of $151.8m (€118m), up by 1.2% from $150.0m in the prior-year quarter, the company said on Wednesday.

The slight increase in profit was driven by higher sales volumes and revenues in the potassium, iodine, industrial chemical and speciality plant nutrition sectors, the company said.

Total revenues for the quarter stood at $623.4m, an increase of 17.7% from $529.6m in the first quarter of 2012, while gross profit was up by about 1% to $238.9m from $236.6m, SQM said.

The company’s best performing sector during the quarter was industrial chemicals, which saw revenues more than double to $70.9m from $32.3m a year earlier.

The company said it would continue this year’s planned investment and expansion programme, which would focus on increasing production capacity of potassium-based fertilizers in the Salar de Atacama brines in northern Chile.

“These expansions will give us the flexibility to help meet market demands in the future,” said SQM’s chief executive Patricio Contesse.

By: Simon West

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