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Thursday, November 12, 2009

Makhteshim-Agan Posts 3rd-qtr Loss; Sales Off 32%

By Robert Daniel

MarketWatch Pulse

TEL AVIV -- Makhteshim-Agan, the Airport City, Israel, producer of agrichemicals, swung to a third-quarter net loss of $17.5 million from net income of $50.6 million in the year-earlier quarter. Sales fell 32% to $435.9 million from $640.1 million. Gross-profit margin narrowed to 25% from 32.8%. Substantial inventories in distribution channels, mainly in Brazil; lower selling prices for some products; negative currency translations, "as well as credit pressures and growers' caution" have reduced demand and profitability, Chairman and Chief Executive Avraham Bigger said in a Thursday statement. An expected decline in inventories, easing credit pressure on farmers in developing countries, and additional investment by the company in new products and capacity should enable improved profitability in 2010, the executive said. Makhteshim-Agan shares recently were trading down 1.2% on the Tel Aviv Stock Exchange.

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