Norwegian Yara International ASA reports strong results for the third quarter.
The quarter saw more turbulent market conditions due to drought in many regions and sharp increases in energy prices. Yara's business model showed its robustness, and the company has further strengthened its position compared to domestic US producers.
Yara reports a net income after minority interest of NOK 846 million, USD 124 million, (NOK 2.70 per share) for the third quarter, compared with NOK 759 million (NOK 2.38 per share) in the third quarter last year. Excluding net foreign exchange gains/losses, the result was approximately NOK 2.65 per share compared with NOK 2.27 per share in third quarter 2004 EBITDA for the quarter was NOK 1,505 million compared with NOK 1,477 million in the third quarter last year. Third quarter operating income was NOK 783 million (USD 115 million) compared with NOK 834 million in the same quarter last year.
Thorleif Enger, president and CEO of Yara: \\$quot;During the third quarter, global market demand for fertilizer was somewhat slower than expected, partly due to drought in many places in the world. At the same time, energy prices have increased sharply, which towards the end of the quarter resulted in the fertilizer market becoming supply-driven.
“Yara has under these demanding market conditions performed well and continues to deliver strong results.\\$quot;