Makhteshim Agan Industries Ltd. (TASE: MAIN) today published its financial report for the first quarter of 2007. Makhteshim Agan chairman and CEO Avraham Bigger told “Globes” that he was pleased by the company’s results, which already included growing demand.
Makhteshim Agan posted $559.3 million revenue for the first quarter, up 13.3% on the corresponding quarter of 2006. Sales in Europe rose 16.8% to $229.9 million, mainly because of the early spring, which brought forward the planting season. Sales in South America rose 26.4% to $105.1 million, mainly because of higher sales in Brazil. Sales in North America rose 2.1% to $102.3 million. Domestic sales fell to $25.4 million from $29.1 million.
Gross profit rose to $198.2 million for the first quarter from $178.2 million for the corresponding quarter, but gross profit margin fell to 35.4% from 36.1%. Net profit rose 11.9% to $66.6 million from $57.7 million.
Bigger said that Makhteshim Agan’s streamlining plan would show better results in 2008 and 2009 than this year. “There’s still a lot to do in this area,” he said.
Bigger said that the strengthening euro “contributed to the sales results, but hurt the expenses side. General market variables, demand for products combined with weather conditions helped us start the year positively.” He concluded, “The company felt growing demand for all its products worldwide.”
Published by Globes [online], Israel business news - www.globes.co.il - on May 13, 2007
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