Cairo-Orascom Construction Industries (OCI) said it made US$10 million from its investment in Gavilon LLC, Omaha, in the third quarter ending Sept. 30, 2010, and $29.3 million during the first nine months. In other fertilizer news, OCI sold 1 million mt of nitrogen-based fertilizer during the third quarter and 2.6 million for the first nine months of 2010. Going forward it is upbeat as to nitrogen prices, saying China, Russia, and Ukraine will likely have to keep more of their product at home to meet local demand. During the quarter, OCI said it reduced its stake in Nigerian fertilizer company Notore Chemicals Industries Ltd. from 23 percent to 13.5 percent, posting a capital gain of $19.1 million. Company-wide, OCI reported third quarter net income of $147.6 million on sales of $1.25 billion, up from the year-ago $120.7 million on sales of $933.4 million. Nine-month net income was $408.4 million on sales of $3.58 billion, up from the year-ago net income of $328.5 million on sales of $2.85 billion.
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