ICL to halt UK potash production as Q3 profit is hit by low prices
Published: Thursday, 12 November 2015
The Israeli chemicals company has reported a fall in revenue and profit for Q3 2015, as the industry takes a hit from the current slowdown happening the potash market. ICL has also announced its intention to transform its UK facility from focusing on potash to polyhalite.
ICL has posted a 32.4% decrease in net profit for the
quarter ended 30 September 2015 to $121m, from $179m the
previous year, owing to lower potash prices and sales.
Overall revenue for the company was down 11.6% year-on-year
(y-o-y) at $1.38bn, which ICL attributed to the sale
of non-core businesses...