UPDATE 2-Israel Chem sees 2013 boost from China, India deals

Wed Mar 13, 2013 9:10am EDT
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* Q4 revenue $1.34 bln vs $1.44 bln forecast in Reuters poll

* Net profit $209.5 mln vs $224 mln forecast

* To supply 820,000 tonnes of potash to India in 2013

* ICL to pay dividend of 11.6 cents a share

By Tova Cohen

TEL AVIV, March 13 (Reuters) - New potash supply contracts with China and India should lead to a recovery in sales this year at fertiliser and specialty chemical maker Israel Chemicals , which posted a bigger than expected drop in fourth-quarter 2012 revenue and profit.

The world's sixth-largest producer of the crop nutrient - which is a takeover target of global leader Potash Corp - said it expects demand to rise on the back of stronger crop prices and a 2012 slide in fertiliser prices.

"The high price of agricultural products, together with the past year's decline in fertiliser prices, has given farmers a strong incentive to increase fertiliser application," ICL said on Wednesday.

During the first quarter of 2013, ICL signed a number of significant supply agreements with customers in India and China, indicating strong volumes for 2013, the company said.   Continued...