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Potash market recovery boosts Israel Chemicals' revenue, profit

From Reuters - February 14, 2018

JERUSALEM, Feb 14 (Reuters) - Israel Chemicals (ICL) reported on Wednesday higher revenue and profit in the fourth quarter, beating expectations as potash prices rose and expenses fell at the worlds sixth-largest producer of the fertiliser ingredient.

ICL, which also produces about a third of the worlds bromine, said it earned $142 million excluding one-time items in the fourth quarter, compared with $114 million a year earlier.

Analysts had forecast ICL to earn $100 million, according to Thomson Reuters I/B/E/S.

Revenue grew 2 percent to $1.36 billion.

ICL said its asset sales in 2017 helped reduced debt, enhanced financial stability and generated resources for future growth.

Looking forward, ICL will focus on its core business aiming to further strengthen the competitiveness of its existing mineral assets while expanding our specialty business, ICL Chairman Johanan Locker said.

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