TEL AVIV, Nov 13 (Reuters) - Weakness in the potash market led to a decline in quarterly revenue and net profit at Israel Chemicals (ICL), which said it is preparing a dual listing of its shares on the New York Stock Exchange.
ICL, the world's sixth-largest producer of potash, reported adjusted net profit in the third quarter of $196 million, down from $395 million a year earlier. The 2013 figure excludes one-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 on revenue of $1.46 billion.
Decreased sales and profit in the quarter were due to "weakness and instability in the potash market, which led to an appreciable reduction in amounts sold and to lower selling prices 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 a financial infrastructure for additional growth by improving access to international financial markets and providing flexibility in financing mergers and acquisitions. It did not provide further details on its plans.
The company said it would distribute a dividend of $54.5 million after paying a dividend of $221 million for the second quarter.