Isagro Q3 sales up 6%

Italian agrochemical company Isagro recorded a 6.1% increase to €27.483 million in the third quarter of 2011. The earnings before interest, tax, depreciation and amortization (EBITDA) boosted by 76% to €1.014 million, and the earnings before interest and tax (EBIT) still posted a loss at €1.446 million, improved a little compared with the same period of last year.

For the first nine months of 2011, the consolidated revenues amounted to €104.954 million, up 10.8% compared to €94.729 million as of September 30th, 2010 pro-forma. The EBITDA was equal to €6.991 million, up by 27.0%, mainly thanks to the increase in turnover. And the EBIT slipped by 23.1% to €4.751 million. It is to be noted, moreover, that the value of EBIT as of September 30th, 2011 included € 3.183 million for the write-up of the book value of two active ingredients, valifenalate and orthosulfamuron, which were transferred to the joint-venture Isem S.r.l. as part of the agreement with Chemtura AgroSolutions (AgroNews 2011-1-27).

The company noted that the raise in the cost of raw material which implied higher sale prices contributes for sales increase. The company has also benefited from strong recovery of the sales of the fungicide tetraconazole for about € 3.3 million, especially on the European market and the Brazilian market, which more than offset the lost sales of dimethoate-based products, an insecticide owned by Isagro and sold in May 2010. In the third quarter of 2011, Isagro obtained the important use extension for tetraconazole on corn and strawberry in the United States (AgroNews 2011-9-26).