SQM profits nosedive in Q3

Bnamericas Published: Wednesday, November 19, 2014

Chilean non-metallic mining and fertilizer group SQM saw its third quarter net income fall 52.2% year-on-year to US$66.4mn.

SQM attributed the drop to a one-off, after-tax effect of US$67mn on the sale of royalties related to the Antucoya mining project.

Third quarter revenues totaled US$466mn, down 10.5% after all segments except industrial chemicals posted lower sales, according to an SQM earnings report.

In terms of segment revenues, potassium chloride and potassium sulfate posted US$135mn, lithium and lithium derivatives US$50.3mn, and iodine and iodine derivatives US$79.8mn, representing drops of 12.8%, 10.2%, and 23.1%, respectively.

Industrial chemicals revenues were US$22.4mn, up 14.8%, and specialty plant nutrition revenues reached US$154mn, largely unchanged year-on-year.

Ebitda stood at US$184mn for the quarter compared with US$178mn in 3Q13.

SQM plans to add three metallic exploration contracts before 2015, bringing the group's total to 14, while full-year capex is set at US$120mn with 65% related to maintenance and 35% to exploration and expansion projects, SQM added.

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