MAI issues profit warning
Makhteshim-Agan Industries (MAI) has warned that it expects to report a loss for the third quarter following preliminary results for the three months to September 30th 2009. It expects sales to be down by over 30% from $640 million in the third quarter of 2008 to $425-440 million this year. The company predicts a net loss of $15-25 million, compared with net income of $50 million in the same period last year. MAI will issue its third-quarter results in November. The company cautioned on lower sales “in the short term” after posting a 17% fall in revenues in the second quarter, but expected some relief on profit margins ( Agrow No 574, pp 6-7).