Kassel — K+S Group reported a 25.7 percent drop in operating income (EBIT – earnings before interest and taxes) for the second quarter ending June 30, 2013, to €162.6 million on revenues of €874.5 million, versus the year-ago €218.7 million and €996.5 million, respectively. EBIT for the Potash/Magnesium segment was off 24.2 percent to €182 million on revenues of €548.3 million, down from the year-ago €240 million and €669.5 million, respectively. Salt EBIT was also down, but by only 16.4 percent. K+S reiterated its earlier announcement (GM Aug. 12, p. 13) that it was pulling back on earlier guidance that 2013 EBIT would slightly increase over 2012’s E804.1 million. K+S said that while the company expects increased earnings from its Salt business, it is not expected to be sufficient to compensate for a decrease in Potash/Magnesium. K+S also reiterated that it plans to move ahead with its Legacy Potash mine in Saskatchewan. Six-month K+S EBIT was down 5.6 percent, to €440.5 million on revenues of €2.15 billion, versus the year-ago €466.4 million and €2.08 billion. Potash/Magnesium EBIT was off 12.6 percent to €391.2 million on revenues of €1.17 billion, versus the year-ago €447.7 million and €1.25 billion, respectively.
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