SQM Profits Down 51 Percent, Impacted by Potash, Iodine Prices

Reuters reported that Chilean fertilizer group SQM’s profits were down 51 percent in the final quarter of 2013. The company is looking at falling world prices for potassium chloride and iodine as the cause of its negative performance.

According to the news:

Net income was $69 million, below a market forecast of $78.5 million, according to a Reuters poll of four analysts. In the fourth quarter of 2012, net income was $142 million.

Sales were $492 million, down from $601 million in the fourth quarter of last year, the company reported late Tuesday. Margins were also squeezed as competition increased.

SQM Chief Executive Patricio Contesse commented:

We remain confident that total potash demand levels in 2014 will surpass levels recorded during 2013, this could lead to a positive change in the pricing situation we have seen in recent months.

Click here to view the full press release.