Yara International ASA, Oslo, posted a $117 million net loss (-$0.43 per share) after non-controlling interests for the first-quarter versus a $96 million net income ($0.35 per share) a year earlier.
The negative result includes a non-cash currency loss of -$0.81 per share which the company attributed mainly to a U.S. dollar strengthening through the quarter. Excluding currency effects and special items, the result was $0.39 per share compared with the year-ago $0.59 per share. First quarter EBITDA excluding special items increased 9 percent to $504 million, up from the year-ago $464 million, mainly reflecting higher premium-product deliveries and lower energy cost, and more than offsetting the impact of lower prices.
Yara has decided to drop a potential plan for an IPO of its Industrial Nitrogen businesses in favor of placing the businesses into a holding structure with separate governance and increased autonomy. The structure will comprise the existing New Business segment together with the Brunsbüttel, Germany; Le Havre, France; Köping, Sweden; and Cubatão, Brazil, production plants. The company said the structure and reporting will be finalized during 2020.