Amsterdam — OCI NV reported a 72.2 percent drop in net income for the first half ending June 30, 2013, to $56 million on revenues of $3.1 billion, versus the year-ago $201.7 million and $2.63 billion, respectively. Excluding one-time charges, net income was off 38.2 percent, to $124.7 million. OCI cited natural gas curtailments in Egypt, which significantly reduced production, though it says that gas quantities have now resumed due to amended contracts. It estimated that it lost some 365,000 mt of urea and 247,000 mt of ammonia versus budgeted production. Lost production was partially offset by an increase in traded volumes; however, those have lower margins versus self-produced tons. First-half sales volumes were put at 2.86 million mt of nitrogen-based fertilizer, versus the year-ago 2.59 million mt. First-half traded volumes were 352,400 mt for urea and 776,700 mt for ammonium sulfate, versus the year-ago 21,000 mt urea and 239,200 mt AS.
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