Lower energy costs, improved production performance and a strong Brazilian market are thought to be the reasons for strong second quarter financial results for Norwegian company, Yara International ASA.
Reporting a second-quarter net income after minority interest of NOK 1,422m, this was an increase upon the figures of NOK 1,041m last year. Operating income was NOK 1,329m compared with NOK 924m in the same quarter last year.
Thorleif Enger, president and CEO of Yara International ASA, commented on these increased figures and future growth as he said, $quot;Yara made good progress in the second quarter, delivering strong results and new growth initiatives. We have taken steps to acquire Kemira GrowHow and establish an important joint venture in Libya. A joint venture will also be established with Praxair to further develop our industrial gas business.$quot;
While the fertilizer markets are attributed with increasing sales by 8 percent, the industrial segment delivered a strong second quarter with continued volume and margin growth. For many years the company has actively participated in the development and implementation of environmental solutions that reduce harmful air pollution, with sales of Nox abatement applications to the transport sector and power stations up 50 percent compared with the second quarter last year.