MAI reports higher third-quarter net income

Makhteshim Agan (MAI), a leading maker of generic agricultural chemicals, today reported a 30% rise in third-quarter net income to $13.1 million on flat sales at $643.5 million. Operating profit was 5% higher at $52.8 million. MAI’s strongest sales growth was in Asia/Pacific & Africa, where revenues increased by 11% to $130.2 million, reflecting increased quantities and a rise in selling prices partially offset by the erosion of local currencies, primarily the Indian rupee. Sales in Europe increased by 2% to $212 million despite the erosion of European...

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