Norway's Yara Q2 net income down 33% on forex losses

19 July 2013 08:40  [Source: ICIS news]

SINGAPORE (ICIS)--Yara International’s second-quarter net income fell by 33.1% year on year to Norwegian kroner (NKr) 1.87bn  ($313m), partly on foreign exchange losses, the Norway-based fertilizer specialist said on Friday.

Yara incurred a foreign exchange loss this quarter of NKr409m compared with NKr135m in the same quarter of last year, the company said in a statement.

The company’s revenue was up by 7.54% year on year at NKr23.1bn in the second quarter, while its operating income fell by 23.1% to NKr2.55bn, it said.

For the first six months of this year, Yara’s net income was down by 28.9% year on year at NKr4.12bn, while revenue was up by 3.28% to NKr43.7bn.

“Yara’s third-quarter European energy costs are expected to be in line with last year,” it added.

($1 = NKr5.98)

By: Nurluqman Suratman

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