Strong fertilizer demand especially from China has led to improved first quarter results for Israel Chemicals Ltd. ICL reported a 9 percent rise in revenues of $1.64 billion versus $1.5 billion in the corresponding quarter last year. Net profit was up by 6 percent for the quarter to $305 million versus $289 million. Net profits were higher than analyst predictions.
ICL said increased volumes of potash and phosphate fertilizer compensated for lower prices. Its fertilizer unit accounted for 57 percent or $1.009 billion out of total revenues of $1.640 billion. During the quarter ICL Fertilizers produced 1.3 million mt of potash and sold 1.309 million mt of potash.