UPDATE 1-Israel Chemicals sees improvement after strike dents Q2 profit

Wed Aug 12, 2015 10:02am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Q2 net profit $75 million vs $86 million forecast

* Q2 revenue down 22 percent to $1.2 billion

* Strike cost ICL $112 million in profit, $253 million in sales

* Shares up 1 percent in early New York trading (Adds CEO comments, share reaction)

By Steven Scheer

JERUSALEM, Aug 12 (Reuters) - Israel Chemicals (ICL) expects to bounce back in the second half of the year after reporting a smaller than expected rise in quarterly profit as a result of a strike over job cuts that sent revenue down 22 percent.

The company was also hopeful that a government plan to levy taxes on mining activities would be scrapped or watered down.

ICL, which has exclusive permits to extract minerals from the Dead Sea, said on Wednesday it earned $75 million in the second quarter, compared with $68 million a year earlier. Revenue dipped to $1.20 billion from $1.54 billion.

The company, one of the three largest suppliers of the crop nutrient potash to China, India and Europe, was expected to make a net profit of $86 million on revenue of $1.26 billion, according to a Reuters poll of analysts.   Continued...