Yara International ASA has reported satisfactory underlying results for fourth quarter 2008, with significant negative one-offs, and full-year results regarded as ‘the best so far for Yara’.

Although results are weaker than last year due to lower sales volumes, write-downs on third-party sourced inventories and foreign exchange losses on debt, full-year 2008 results are the best so far for the company.

Yara revealed a negative fourth-quarter net income after minority interest of NOK 2,109m (negative NOK 7.27 per share), compared with a profit of NOK 2,044m (NOK 7.01 per share) last year.

Fourth-quarter operating income was NOK 408m compared with NOK 1,494m last year. EBITDA for the quarter was NOK 1,626m compared with NOK 2,531m in the fourth quarter last year.

$quot;The fertilizer industry has, since September, experienced an unprecedented slow-down in deliveries and decline in international fertilizer prices. Despite challenging market conditions, we deliver a strong underlying performance excluding write-downs on third-party sourced inventories and currency effects on debt, demonstrating the strengths in Yara's flexible business model,” said Jørgen Ole Haslestad, President and CEO of Yara International ASA.

“We have taken action to mitigate the effects of the slow-down by reducing third-party sourcing and curtailing production, and we are benefiting from cheaper ammonia import.$quot;