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Israel Chemicals' sales and profits slide as potash turmoil takes its toll

12:44 AM MST | November 13, 2013 | Natasha Alperowicz

Israel Chemicals (ICL; Tel Aviv) today announced a sharp decrease in third-quarter sales and profits citing weakness and instability in the potash market, which led to lower fertilizer volumes and prices. Net income was $78 million compared with $395 million in the year-earlier period. Sales were 18% down at $1.44 billion. ICL’s taxes in the third quarter totaled $152 million compared with $79 million in the year-earlier quarter. The increase was primarily due to a non-recurring tax expense totaling about $118 million following the company’s decision...

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