K+S reports best 1Q for potash/mag

Kasel — K+S Group reported the best ever first quarter for its Potash and Magnesium unit, with EBIT I (operating income) of €208.5 million on revenues of €580.1 million,
compared to the year-ago €202.2 million on revenues of €578 million. The company is sticking with earlier forecasts and believes the unit will achieve volumes of some 6.9 million mt for the year, similar to those of 2011. Nitrogen income was off slightly, at €32.2 million on revenues of €359.5 million from the year-ago €33.7 million on revenues of €328.1 million. Overall, K+S Group results were off for the quarter due to the very weak Salt business, which suffered through a warm winter. Company-wide income was €281.1 million on revenues of €1.44 billion from the year-ago €368.4 million on revenues of €1.63 billion. Salt income was only €45.5 million on revenues of €458.5 million, compared to the year-ago €139.1 million on revenues of €682.5 million.