MAI issues profit warning
Makhteshim-Again Industries (MAI) has issued a profit warning despite an estimated 20% rise in third-quarter sales. The company expects a larger net loss compared with last year’s third quarter, mostly as a result of a material difference in its tax expenses. It has not yet been able to accurately estimate the size of the loss. Third-quarter sales were off by a third in 2009, and earnings plunged ( Agrow No 580, pp 6-7).