October 21, 2016 / 9:32 AM / 2 years ago

Fertiliser maker Yara points to Brazil as bright spot

OSLO, Oct 21 (Reuters) -

* Norwegian fertiliser maker Yara International says its Brazilian business was a bright spot in Q3

* CFO Torgeir Kvidal says Brazil sales have been very good and were up 11 percent in the third quarter, adding it saw a doubling of premium products, which have substantially higher margins, and that this is probably the reason why core operating earnings (EBITDA) beat analyst forecast

* The company reported a big year-on-year drop in its global Q3 results on Friday and said the market would remain oversupplied for some time, but the earnings were still better than analysts had anticipated

* By 0918 GMT, Yara’s shares trade 5.7 percent higher for the day

* Strong growth in Russia and Eastern Europe was also positive, Yara said

* CFO says confident will keep investment grade rating of triple B despite high investments in coming years (NOK 14.2 bln in 2016, NOK 16.2 bln in 2017 and NOK 9.0 bln in 2018)

* CFO says has still room for more acquisitions but smaller than before

* Due to weaker markets, Yara plans to deliver at least $500 mln in EBITDA improvement by 2020 vs 2015. CEO Svein Tore Holsether says has strong confidence in reaching target (Reporting By Ole Petter Skonnord, editing by Terje Solsvik)

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