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Israel Chemicals reports 4Q19 results

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World Fertilizer,

As reported by Reuters, Israel Chemicals (ICL) announced a rise in quarterly earnings on Thursday, but said sales slipped due to a nearly one-month planned shutdown and upgrade of the company’s Dead Sea facilities.

ICL said it earned 4 cents per diluted share in 4Q19 excluding one-time items, up from 1 cent a year earlier. Sales declined to US$1.1 billion from US$1.4 billion.

The plant upgrade is expected to increase annual potash production by about 5%.

ICL’s results were also negatively impacted by the continued delay in the signing of a potash supply agreement in China and the weak commodity fertilizer environment.

Earnings were boosted by lower financing expenses due to profit from hedging transactions.

ICL is the world’s sixth-largest producer of potash, with exclusive rights in Israel to extract minerals from the Dead Sea.

Potash sales, which accounted for 24% of the group total, declined to US$302 million in the quarter from US$515 million a year earlier. The average selling price per tonne edged down to US$274 from US$292, while output fell to 844 000 t from 1.2 billion.

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