By Kjetil Malkenes Hovland
OSLO--Norwegian fertilizer producer Yara ASA reported Wednesday
a 9% rise in net profit on the year on rising revenue, and said it
would invest 2.25 billion kroner ($342.8 million) to boost
production capacity at the Porsgrunn plant in Norway.
Yara's third-quarter net profit was 1.71 billion Norwegian
kroner, compared with a net profit of NOK1.57 billion in the same
period a year earlier. The average forecast in a Reuters poll of 19
analysts was NOK2.24 billion.
"Yara reports a strong third-quarter result with record
deliveries, reflecting both organic growth and the Bunge
acquisition in Brazil," said acting Chief Executive Torgeir Kvidal,
who replaced Jorgen Ole Haslestad on Oct. 7.
Third-quarter revenue totaled NOK24.10 billion, up from NOK20.61
billion a year earlier and expectations of NOK21.67 billion.
Earnings before interest and taxes totaled NOK2.76 billion, up from
NOK2.39 billion but missing expectations of NOK3.16 billion.
Write to Kjetil Malkenes Hovland at kjetil.hovland@wsj.com
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