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Israel Chemicals Reports Big Fall in First-Quarter Profits and Sales

1:22 AM MDT | May 20, 2009 | Deepti Ramesh

Israel Chemicals Ltd. (ICL; Tel Aviv) recorded a 54% fall in net profits for the first quarter, to $159 million, compared to the year-ago period. Sales decreased by 41%, to $899 million, due to a sharp decrease in volumes sold by all the segments of the company, mitigated partially by higher selling prices of some products such as potash. Towards the end of the first quarter, market demand for potash increased slightly reflecting renewed activity in Brazil and other regions, ICL says. Due to the current global economic situation, the company has intensified its...

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