Israeli chemical company profits decline

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The third-quarter performance report released recently by the Israeli Chemical Company (ICL) shows that the company’s net profit fell by 5% year-on-year to US$243 million in the quarter. This result is lower than analysts' forecasts. Analysts had forecast that ICL would make a profit of 265 to 270 million U.S. dollars this quarter. During the same period, the company achieved sales revenue of 1.39 billion US dollars, higher than the 1.35 billion US dollars in the same period of last year.
According to ICL, the three-quarter year-on-year decrease in profit in the third quarter was mainly affected by two factors: First, the logistics bottleneck in India affected local sales of potash fertilizer; second, the negative completion of some ports in Israel affected the product turnover in September.
ICL is the sixth largest potash fertilizer producer in the world and the world’s leading manufacturer of bromine-containing flame retardants.

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