IHS Chemical Week

People & Business :: Earnings/Finance

Makhteshim Reports Lower Net Income on Higher Sales; Integration with ChemChina on Track

7:59 AM MDT | August 13, 2012 | Natasha Alperowicz

Makhteshim Agan Industries (MAI; Tel Aviv), the global leading generic crop protection producer owned 60-40 by ChemChina (Beijing) and Koor Industries (Tel Aviv), reported a 7.6% decline in net income in the second quarter of this year, to $42 million, on 8.4% higher sales, of $783.4 million. MAI cites higher taxes for the decline in net income. Profit before tax was 6.5% higher, at $63.7 million. Ebitda rose 14%, to $136.1 million, while gross margin was slightly down at 32.5%.   Yang Xingqiang, chairman of the board of MAI, said that the company is...

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