UPDATE 2-ICL eyes dividends, new listing to ride out potash shake-up

Wed Aug 7, 2013 8:46am EDT
 
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* Q2 net profit $316 mln vs $323 mln forecast

* Q2 revenue $1.77 bln vs $1.91 bln a year earlier

* Seeks international share listing

* Shares up 1.3 pct in Tel Aviv

By Steven Scheer

JERUSALEM, Aug 7 (Reuters) - Israel Chemicals (ICL) said it planned to keep paying hefty dividends and possibly buy back shares as it reported a 23 percent drop in quarterly net profit and braced for repercussions from the collapse of a potash cartel.

Facing a drop in potash prices that could reach 25 percent, ICL - the world's sixth-largest producer of the crop nutrient - unveiled a strategic plan on Wednesday that would expand its offerings beyond its core business.

ICL said it would focus on agriculture, food and engineered materials with an aim at achieving profits that exceed the global sector and boosting revenues by hundreds of millions dollars a year by 2016.

As part of the plan, which has received board approval, Tel Aviv-listed ICL intends also to list its shares on an international stock exchange and target regular distribution of dividends of up to 70 percent of net income.   Continued...