Israel's ICL Q3 net profit shrinks 80% on one-off tax charges

13 November 2013 07:27  [Source: ICIS news]

SINGAPORE (ICIS)--ICL’s third-quarter net income fell by 80% year on year to $78m (€58m), partly on higher tax expenses, the Israeli fertilizers and specialty minerals firm said on Wednesday.

“The increase in the tax rate in the quarter was influenced primarily by a non-recurring tax expense totalling around $118m following the company’s decision to release trapped profits and due to the increase of the corporate tax rate from 25% to 26.5%,” it said in a statement.

The company’s net sales fell by 18% year on year to $1.45bn in the third quarter, while its operating income declined by 54% to $222m, the company said.

“Decreased sales and profits during the third quarter derived primarily from weakness and instability in the potash market which led to an appreciable reduction in amounts sold and to lower selling prices of fertilizers,” it said.

In the first nine months of this year, the company’s net income was down by 36% year on year at $699m, while sales fell by 6% to $4.86bn.

($1 = €0.74)

By: Nurluqman Suratman

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