Russia's Uralkali H1 net profit down 53 pct

Tue Sep 10, 2013 7:18am EDT
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MOSCOW, Sept 10 (Reuters) - Russia's Uralkali, the world's largest potash miner by output, said on Tuesday its first-half net profit fell 53 percent year-on-year to $397 million, missing forecasts due to increased competition and foreign exchange losses.

A Reuters poll of 10 analysts had forecast the firm posting profit of $521 million in the first six months.

The firm, whose chief executive is under arrest in Belarus following Uralkali's dissolution of a sales cartel, said net revenue was down 29 percent at $1.35 billion. Earnings before interest, tax, depreciation and amortisation fell 40 percent to $876 million.

"The fact that some potash importers are holding off accepting further orders in anticipation of price developments could have a negative impact on the short-term demand," Uralkali said in a statement.