By Kjetil Malkenes Hovland
OSLO--Norwegian fertilizer producer Yara International ASA
(YAR.OS) said Friday that its first-quarter net profit dropped 59%
on the year, amid a currency loss due to a stronger U.S. dollar and
a write-down in Libya.
First-quarter net profit was 729 million Norwegian kroner
($93.22 million), compared with a net profit of NOK1.77 billion in
the same period a year earlier. Revenue totaled NOK27.68 billion,
from NOK21.76 billion a year earlier.
Yara recorded a NOK1.8 billion currency loss due to a stronger
dollar, and made a NOK929 million write-down of its Lifeco
fertilizer plant in Libya, amid a deteriorating security
outlook.
The company said it expected its second-quarter European energy
costs to drop by NOK650 million on the year, and third-quarter
European energy costs to be NOK150 million lower than a year
earlier.
Write to Kjetil Malkenes Hovland at
kjetilmalkenes.hovland@wsj.com