Israel Chem profit, revenue fall, plans New York listing

Reuters

TEL AVIV, Nov 13 (Reuters) - Weakness in the potash marketled to a decline in quarterly revenue and net profit at IsraelChemicals (ICL), which said it is preparing a duallisting of its shares on the New York Stock Exchange.

ICL, the world's sixth-largest producer of potash, reportedadjusted net profit in the third quarter of $196 million, downfrom $395 million a year earlier. The 2013 figure excludesone-time tax expenses of $118 million.

Revenue fell to $1.45 billion from $1.76 billion.

ICL was forecast in a Reuters poll to earn $188.4 million onrevenue of $1.46 billion.

Decreased sales and profit in the quarter were due to"weakness and instability in the potash market, which led to anappreciable reduction in amounts sold and to lower sellingprices of fertilisers", the company said.

ICL, a subsidiary of holding company Israel Corp,said a dual listing of its shares in New York would provide afinancial infrastructure for additional growth by improvingaccess to international financial markets and providingflexibility in financing mergers and acquisitions. It did notprovide further details on its plans.

The company said it would distribute a dividend of $54.5million after paying a dividend of $221 million for the secondquarter.

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