KASSEL (dpa-AFX) - Shares of K+S AG were losing around 4 percent in the early morning trading in Germany after the potash and salt miner said Thursday it sees weak EBITDA in fiscal 2020, despite reporting higher profit in fiscal 2019.
For the year 2019, the company's earnings climbed to 88.9 million euros from last year's 42.2 million euros. Earnings per share were 0.46 euro, up from 0.22 euro a year ago.
Earnings before tax for the year grew to 127 million euros from prior year's 53.1 million euros. EBITDA increased to 640.4 million euros from 606.3 million euros last year.
Revenues edged up to 4.07 billion euros from 4.04 billion euros last year.
Looking ahead for fiscal 2020, the company projects EBITDA to be in a range between 500 million euros and 620 million euros.
In addition, the adjusted free cash flow is expected to break more or less even at the midpoint of the EBITDA corridor.
The company said, 'Despite progress made with the implementation of the Shaping 2030 corporate strategy, the improvement in operating performance, the increase in production capacity and quality in Bethune, and improved wastewater management, the persistently difficult market environment for potassium chloride, and the very weak start for the de-icing salt business for weather-related reasons are dampening the outlook for 2020.'
In Germany, K+S shares were trading at 6.39 euros, down 3.88 percent.
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