UPDATE 2-Israel Chem sees potash sales drop in Q4, recovery in '13

Wed Nov 21, 2012 8:29am EST
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* Q3 revenue $1.818 bln vs $1.833 bln forecast

* Q3 net profit $395 mln vs $383 mln forecast

* Sees reduced potash shipments in Q4 vs Q4 2011

* Says indicators point to strong fertiliser sales in 2013

By Tova Cohen

TEL AVIV, Nov 21 (Reuters) - Fertiliser and specialty chemical maker Israel Chemicals (ICL) expects a decline in shipments of potash in the final quarter as customers in India and China delay the renewal of contracts for the crop nutrient.

But the world's sixth-largest potash producer, which reported lower third quarter profit and sales on Wednesday, said that indicators point to strong sales of fertilisers in the 2013 planting season.

Canada's Potash Corp, the world's largest fertiliser producer, owns 13.9 percent of ICL, which is controlled by conglomerate Israel Corp.

Potash Corp has begun talks with Israeli officials on acquiring ICL, the second-largest company on the Tel Aviv stock market with a value of $14.9 billion, so it can shore up its leverage with China and India, which are expected to drive much of the industry's growth.   Continued...