Santiago-Sociedad Quimica y Minera de Chile S.A. (SQM) reported a 35 percent drop in net income for the year ending Dec. 31, 2009, to $327.1 million ($1.24 per ADR) on sales of $1.44 billion, down from 2008’s $501.4 million ($1.91 per ADR) and $1.77 billion. Fourth-quarter earnings were off 37 percent, to $75.4 million ($.29 per ADR) on sales of $387.7 million compared to the year-ago $120.3 million ($.46 per ADR) and $397.9 million. Specialty Plant Nutrition (SPN) revenues for the year were off 34 percent, to $648.7 million from 2008’s $978.9 million. However, the fourth quarter saw improvement, off only 12.7 percent to $167 million from $191.4 million. SQM said that it observed a positive SPN trend throughout the year, which it expects will continue into 2010. It said fundamentals remain strong and should continue to drive the market medium-to-long term. It expects markets should reach pre-global economic crisis levels by the end of 2011.
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