Makhteshim predicts 266% jump in profits

Date:08-02-2011

Agrochemicals producer Makhteshim Agan Industries Ltd. predicts 266% increase in its net profit to $45 million for the second quarter of 2011, from $12 million for the corresponding quarter of 2010, according to a notice to the TASE today.

The company expects its revenue to rise 20% to $723 million for the second quarter from $601 million for the corresponding quarter, and it expects a 98% increase in operating profit to $87 million from $44 million.

Nochi Dankner-controlled IDB Holding Corp. Ltd. controls Makhteshim through Discount Investment Corporation unit Koor Industries Ltd. The sale of Makhteshim to China National Chemical Corporation is due to be completed in September.

Makhteshim's share price rose 0.2% by mid-afternoon to NIS 18.92, giving a market cap of NIS 8.22 billion, but Koor's share price fell 1.5% to NIS 55.63, giving a market cap of NIS 2.68 billion.