18 October 2013 11:10 [Source: ICIS news]
LONDON (ICIS)--Yara International’s third-quarter net income fell by 40% year on year to Norwegian kroner (NKr) 1.57bn (€193.6m, $264.8m) compared with Nkr2.60bn during the same period the previous year, on weaker commodity fertilizer markets, the Norway-based producer said on Friday.
Revenue for the period was broadly stable year on year at Nkr20.6bn compared with Nkr20.8bn during the same period in 2012.
Increasing export levels from China have led to “supply-driven” urea pricing, the company said, while nitrogen fertilizer deliveries to western Europe were downby 9% year on year. Phosphate and potash markets were impacted by reduced consumption in India, the company added.
Fertilizer deliveries overall were up by 17% year on year during the third quarter, but the figure includes the Brazilian fertilizer operations of rival Bunge, which Yara acquired in August this year for $750m (€555m).
($1 = €0.74, $1 = Nkr5.93, €1 = Nkr8.11)
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