YARIY Yara International ASA (PK)

By Kjetil Malkenes Hovland

OSLO--Norwegian fertilizer producer Yara International ASA (YAR.OS) said Thursday it expected a continued boost from weak natural gas prices in the coming quarters, as first-quarter net profit more than tripled on the year, helped by substantially lower energy costs and a currency gain.

Net profit was 2.8 billion Norwegian kroner ($344.99 million) compared with NOK729 million a year earlier, as weak gas prices and currency effects offset the impact of lower fertilizer prices and deliveries. Revenue fell to NOK24.90 billion from NOK27.68 billion a year earlier.

Global deliveries dropped 5% in the quarter, despite 15% delivery growth in Brazil. The effect of weaker fertilizer prices and deliveries was offset by lower energy prices as well as a NOK349 million currency gain, from a year-ago currency loss of NOK1.83 billion, Yara said. The company's average first-quarter gas cost dropped by roughly a third on the year.

Yara expects its energy costs to be NOK1.15 billion lower on the year in the second quarter, and NOK1 billion lower on the year in the third quarter.

-Write to Kjetil Malkenes Hovland at kjetilmalkenes.hovland@wsj.com

(END) Dow Jones Newswires

April 21, 2016 02:46 ET (06:46 GMT)

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