August 27, 2018 / 2:36 PM / 3 months ago

Israeli crop protection firm Adama Q2 profit slips, sales rise

JERUSALEM, Aug 27 (Reuters) - Adama Agricultural Solutions, an Israel-based provider of crop-protection products, reported an 11 percent decline in quarterly profit, as a higher tax bill offset a rise in revenue.

Adama said on Monday it earned $72 million in the second quarter, compared to $81 million in the corresponding period last year. Revenue grew 9.2 percent to a record $1.02 billion, led by sales gains in Latin America, North America, India, the Middle East and Africa and Europe. Sales dipped in Asia-Pacific, excluding China, which rose by nearly 20 percent.

Tax expenses rose to $31 million from $17 million.

China National Chemical Corp (ChemChina) controls Adama, the world’s biggest producer of generic crop protection products. Last year Adama merged with smaller agrochemical producer Sanonda, also a subsidiary of ChemChina. (Reporting by Steven Scheer)

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