Israel Chemicals Q3 Profit Falls
Israel Chemicals (ICL), a fertilizer and specialty chemicals maker, posted a surprise fall in third-quarter profit, hit by logistics problems in India and a slowdown at Israeli ports.
ICL, the second-largest company on the Tel Aviv Stock Exchange with a market value of $19 billion, reported third quarter net profit of $242.9 million, compared with $256.6 million a year earlier, when the company benefited from a one-time tax gain of $26 million.
Revenue rose to $1.394 billion from $1.347 billion a year earlier, with higher volumes partly offset by a drop in the price of potash and phosphate rock and the weakening of the dollar.
Analysts had expected ICL, the world's sixth-largest potash producer, to earn $266.1 million on revenue of $1.448 billion, according to a Reuters poll.
ICL said logistics difficulties in India hit potash sales, as did a slowdown at Israel's ports and religious holidays in September. ICL said it would pay a dividend of $170 million on Jan. 12, compared with $177 million for the second quarter. ICL is controlled by holding company Israel Corp, while Canada's Potash Corp owns 13.9%.
