OSLO: First-quarter net income after non-controlling interests was a negative USD 117 million (USD -0.43 per share), compared with USD 96 million (USD 0.35 per share) a year earlier, Yara International reported.

The negative result includes a non- cash currency loss of USD -0.81 per share resulting mainly from a US dollar strengthening through the quarter. Excluding currency effects and special items, the result was USD 0.39 per share compared with USD 0.59 per share in first quarter 2019.

First-quarter operating income was USD 248 million, up from USD 198 million a year earlier. First-quarter EBITDA excluding special items was USD 504 million, up from USD 464 million a year earlier, mainly reflecting higher premium product deliveries and lower energy cost, more than offsetting the impact of lower prices.

“Yara delivers improved results, with first-quarter EBITDA excluding special items up 9%. Yara’s operations are running close to normal and the results mainly reflect higher deliveries with Northern hemisphere planting and application progressing well,” said Svein Tore Holsether, President and Chief Executive Officer of Yara.

“Supporting the supply of food to society is a top priority for Yara. Thanks to a strong organizational effort and good collaboration with authorities globally, we have managed to ensure continuity in the supply of agricultural inputs. We are also seeing strong demand growth for our digital offerings, in a situation where physical farmer interactions are reduced,” said Holsether.

Total Sales and Marketing deliveries were 10% higher compared with a year earlier, primarily reflecting a 15% increase in deliveries in Europe. Commercial margins were stable compared with a year earlier. New Business deliveries were flat. Yara’s ammonia production was down 7%, while finished fertilizer production was down 3% compared to a year earlier.

Yara has decided to develop its industrial nitrogen businesses in an «Industrial Holding» structure within Yara with separate governance and increased autonomy. The structure will comprise the existing New Business segment together with the Brunsbüttel, Le Havre, Köping and Cubatão production plants. The structure and reporting will be finalized during 2020.

Founded in 1905 to solve the emerging famine in Europe, Yara has established a unique position as the industry’s only global crop nutrition company.