ICL reports 4Q drop in income and revenues
Israel Chemicals Ltd. has reported a drop in fourth quarter of 2012 net profits and revenues. The fertilizer and industrial chemical maker said fourth quarter net profit fell to $210 million versus $370 million in the corresponding quarter in 2011. Revenues fell to $1.338 billion from $1.712 billion in the fourth quarter of 2011.
Full year results also showed a drop in both net profit and revenue at ICL. Net profit for 2012 totaled $1.3 billion versus $1.5 billion in 2011. Revenues fell to $6.670 billion from $7.068 billion the year earlier.
The company attributed the decline to lower potash sales to India and China in the fourth quarter of 2012. ICL said first quarter 2013 has witnessed a pick-up in potash sales to both India and China following the signing of agreements with customers in both countries.