OSLO (dpa-AFX) - Norwegian chemical company Yara International ASA (YARIY, YAR.OL) Friday announced an increase in second quarter earnings on revenue growth compared to the prior year.
Yara shares on Oslo are trading at 455, up 0.80 points or 0.18 percent. On the previous day, the shares finished at 454.20.
The producer of nitrogen-based mineral fertilizers and related industrial products reported quarterly earnings of $545 million compared to $413 million last year.
On a per share basis, basic earnings were $2.13, up from $1.62 a year ago. On an adjusted basis, earnings were $1.67 per share, while it was $0.91 per share in the prior year.
Revenue for the quarter increased to $4.428 billion, from $3.947 billion in the same quarter last year.
Looking ahead, the company said, the war in the Middle East has significantly disrupted global energy and fertilizer markets. The initial supply shock from the blockage of the Strait of Hormuz led to a sharp increase in urea prices at the very end of the European buying season.
Yara continues to leverage its global downstream presence to optimize volumes across markets and support stable production levels throughout its system.
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