IHS Chemical Week

Regions :: Middle East

ICL posts lower sales, earnings; launches growth strategy, including potash

4:55 AM MDT | August 7, 2013 | Natasha Alperowicz

Israel Chemicals (ICL; Tel Aviv) today announced its second-quarter results as well as a new growth strategy, including in potash. The latter is in response to the recent turmoil in global markets following the collapse of a potash cartel. Second-quarter net income was down 23% at $316 million on sales 7% lower at $1.77 billion. Operating income declined 27% to %$393 million and Ebitda was 22% down at $481 million. Gross margin was also down from 44.1% in the second quarter of 2012 to 40.6% in the corresponding period of this year. ICL cites declines in potash...

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