Norwegian chemical company Yara International ASA (YAR.OS) said Friday sales volumes returned to normal levels and margins remained healthy, as it posted an unexpected rise in first-half net profit.

 
   MAIN FACTS:

-First-quarter net profit amounted to NOK3.02 billion compared with NOK2.89 billion in the same period a year earlier. Analyst expectations were for a profit of NOK2.52 billion.

-Revenue increased to NOK21.3 billion from NOK19.8 billion, above analyst expectations of NOK20.85 billion.

-Ebitda amounted to NOK4.31 billion, higher than analyst expectations at NOK3.92 billion.

-"Yara reports strong first-quarter results, as margins remained healthy and European deliveries picked up," Chief Executive Jorgen Ole Haslestad said in a statement, adding that Northern hemisphere fertilizer demand is strengthening after a slow first half of the buying season.

-Yara said urea prices were up 13% on the year in the first quarter, while nitrate and NPK prices increased modestly. NPK margins declined as price increases didn't fully reflect increased nutrient values.

-Yara's global average oil and gas cost increased 5% on the year.

-Yara says second-quarter energy costs are expected to be approximately NOK100 million higher than last year.

-The firm says agricultural markets are strong, with healthy farm margins globally.

-Shares closed at NOK267.50 Thursday.

-By Kjetil Malkenes Hovland, Dow Jones Newswires: +47 902 27 908; kjetilmalkenes.hovland@dowjones.com

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