Agrochemicals maker Makhteshim Agan Industries Ltd. reported higher sales but lower profits for the second quarter of 2012. Revenue rose 8.4% to $783 million for the second quarter from $723 million for the corresponding quarter of 2011, but net profit fell to $42 million from $45.5 million.
Maktheshim attributed its higher revenue to greater sales in the Americas and Asia, as well as higher prices, which offset higher prices for raw materials. It said that the lower profit was due to a 51% increase in taxes.
Latin America, mostly in Brazil, sales rose 20% to $137.3 million for the second quarter from $114.6 million for the corresponding quarter, North America sales rose 12.3% to $169.6 million from $151.1 million, and Asia Pacific sales rose 12% to $127.6 million from $114 million. Sales in Europe, the company's largest market, rose by 1.5% to $320.6 million for the second quarter from $315.9 million for the corresponding quarter.
Cash flow from operations fell to $176.4 million for the second quarter from $268.9 million for the corresponding quarter.
Published by Globes [online], Israel business news - www.globes-online.com - on August 12, 2012
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