Israel: ICL Fertilizer 3rd quarter 2010 results

Israel’s ICL Fertilizers, the second company by market value on the Tel-Aviv exchange, manufactures fertilizers in Holland, Germany and Belgium, and phosphate-based animal feed additives in Bandirma (Turkey) and Israel.

ICL Fertilizers sales for the 1-9/2010 period were of US$2,340.9, compared with US$1,513.4 in the corresponding period in 2009. The operating income in that period was of US$720,7 in the first nine months of 2010 (31% of the sales), compared to US$504 in 1-9/2009 (33% of the sales). The 3rd quarter results are a consequence of positive processes, mainly the rise in sold quantities in the European and Asian markets, and negatives ones like the falling selling prices and the rise of the dollar value against other currencies of operation.

ICL signed at the begining of the year contracts with customers in China for the supply of potash in a total scope of 620,000 tonnes in 2010 at a cfr price of $350 per ton. During the first nine months of 2010 China potash imports reached 3.6 million tonnes, a big jump compared with the 1.8 million tonnes imported in the same period in the previous year. The expected amount for the full year is estimated at above 5 million tonnes.

In March 2010, ICL Fertilizers signed an agreement with a number of customers in India for the sale of 1,430,000 tonnes of potash over one year, as from April 2010, at a cfr price of $370 per ton. The scope of the supply contracts that were signed with India with all the potash makers, for supply during the period April 2010- March 2011, reached a high of approximately 6 million tonnes.

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