Yara 3Q net income off 89 percent

Oslo-Yara International ASA reported an 89 percent drop in net income for the third quarter ending Sept. 30, 2009, to NOK 353 million versus the year-ago NOK 3,172 million. Revenues were NOK 14,379 million, down from the year-ago NOK 25,000 million. Yara said results were unsatisfactory mainly due to its NPK business, which was hampered by high potash prices. European NPK sales were down 41 percent. It expects NPK demand to return once potash prices normalize. Even with the drop in NPK sales, overall volumes for fertilizer were up in the quarter, to 5.2 million mt from the year-ago 4.74 million. Nine-month fertilizer volumes are down, at 15.3 million mt from 17.04 million mt. Nine-month net income was NOK 2,392 million on sales of NOK 47,627 million, down from the year-ago NOK 10,400 million and NOK 69,818 million.