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Yara's Net Profits Fall Due to Drought

10:24 AM MDT | July 19, 2011 | Ian Young

Yara International posted a 40% drop in second-quarter net profits compared with the same period of last year, to NK2.2 billion due to an extremely hot and dry spring in Europe that affected fertilizer shipments, as well as to plant turnarounds, including at the company's joint venture in Libya. Yara's second-quarter Ebitda excluding exceptional items increased 30% year on year, to NK3.5 billion due to higher margins, on sales up 19%, to NK18.6 billion. "As expected, drought in Europe held back deliveries in April and May," says Jorgen Ole Haslestad...

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