Santiago-Sociedad Quimica y Minera de Chile SA (SQM) reported net income of $125.7 million ($.48 per ADR) on sales of $460.8 million for the second quarter ending June 30, 2008, up from the year-ago $51 million ($.19 per ADR) and $321.6 million. SQM attributed the surge to significant increases in world fertilizer prices, though actual volumes of some of its major products were down. Six-month net income was $190.5 million ($.72 per ADR) on sales of $787.1 million, versus the year-ago $93.9 million ($.36 per ADR) and $558.8 million, respectively. Potassium and sodium potassium nitrate were 290,900 mt during the first six months, versus the year-ago 379,800 mt. Specialty plant nutrition revenues for the period were up 62 percent, to $446.4 million from the year-ago $275.1 million. Second-quarter nutrition sales were $275.9 million, up from the year-ago $172.3 million. The company noted lower sales volumes of sodium potassium nitrate, especially to Brazil. Lower volumes were partly explained by delays in a few shipments at the end of the second quarter, versus sales volumes exceeding production levels during the year-ago first half. For the remainder of the year, SQM expects to record higher sales volumes than in the first half. It said specialty plant nutrition demand remains strong and SQM is committed to continue with its previously announced capacity expansion in order to satisfy demand. Its new potassium nitrate plant would be operational in second half 2010.
Transparency Across the Fertilizer Value-Chain