MAI issues profit warning
Makhteshim-Agan Industries (MAI) expects a net loss of $30 million for the final quarter of 2009, compared with net income of $8.7 million in the same period a year earlier. Preliminary results show that net income for the year is anticipated to have plummeted from $219 million to $33 million. Sales look to have inched higher to $495 million in the last three months of 2009. It has posted preliminary results indicating a 13% fall in annual sales to $2,215 million. MAI says it expects growth to return and its profitability to improve this year. The company’s financial statement will be released in March. Last year’s third-quarter sales were off by a third as MAI posted a loss for those three months ( Agrow No 580, pp 6-7).