Norway’s Yara Q1 net profit falls 21.4% on lower product prices

30 April 2014 09:17 Source:ICIS News

SINGAPORE (ICIS)--Yara International posted a 21.4% year-on-year decline in its first-quarter net profit to Norwegian kroner (NKr) 1.77bn, partly on lower product prices, the Norway-based fertilizer producer said on Wednesday.

Revenue and other income for the March quarter 2014 rose 4.9% to NKr21.7bn, with sales volumes recording a 13.2% increase to 8.39m tonnes, the company said in a statement.

Average ammonia prices in the first three months of the year declined 22% year on year to $438/tonne, while urea prices fell 16% to $338/tonne, it said.

Meanwhile, the company’s production during the period, however, dipped 0.9% year on year to 6.38m tonnes, it said.

Yara’s first-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) declined 14.2% year on year to NKr3.59bn, while operating profit fell 19.5% to NKr2.27bn, it said.

($1 = NKr6.01)

By Pearl Bantillo