MAI Quarterly Results Bolstered by Latin America Performance
13 May 2013 
Makhteshim Agan, the Israeli off-patent crop protection company now owned by ChemChina, said its first-quarter profit edged up slightly, helped by stronger sales particularly in Latin America and Asia and higher product prices.
Net income for the quarter was $90.2 million, up 1% from $89.3 million in 2012.
Sales rose 7% to $885.4 million from $828 million a year earlier. The effective exchange rates prevailing in the first quarter of 2013 were lower than those in the corresponding period of 2012.
In Latin America, MAI’s sales jumped 19.5% to $128.3 million.
MAI Chairman Yang Xingqiang said, “The first quarter was another period of solid business performance marked by continued improvement in our financial results, including our highest-ever Q1 revenues, an increased gross profit and an improvement in our operating profit. From a strategic point of view, we continue to focus on the building of a business platform that will enable MAI to become a leading player in the rapidly growing crop protection markets in China. Meanwhile, we are very pleased with the progress that MAI continues to make in all areas of its business.”
Erez Vigodman, president and CEO of MAI, commented: “Our first-quarter results demonstrate our continued progress especially in the areas of global supply chain, new products development and launch, products portfolio differentiation and global marketing. Despite challenging weather conditions in some important markets and unfavorable effective exchange rates compared to last year, we have been able to deliver growth across the globe.”
Vigodman added: “We continue to move forward with our integration process in China with a focus on building our foundation in one of the most important markets in our industry. This platform is designated to support our global competitive position, continued expansion and profitable growth to support farmers all over the globe with simple, high-quality and innovative solutions.”
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