Belgium's Tessenderlo lowers outlook after fertilizer sales fall

Tessenderlo NV

24/08/2016 08:11

BRUSSELS, Aug 24 (Reuters) - Belgian chemicals group 
Tessenderlo  TESB.BR  on Wednesday said it expected its 2016 
core profit (REBITDA) to come in at the lower end of a 
previously given outlook range, as income from potassium 
sulphate fertilizers fell. 
    The group said it expected its 2016 recurring earnings 
before interest, taxes, depreciation and amortisation (REBITDA) 
to grow by around 15 percent, having previously guided for 
growth of between 15 and 20 percent. 
    Analysts polled by Reuters had on average expected a 21 
percent increase to 218 million euros ($246.12 million). 
    In the first half it came to 120.4 million euros, broadly in 
line with consensus. 
    The group said core profit from its agricultural business 
fell 11.5 percent in the first half, mainly because of a fall in 
revenue from potassium sulphate fertilizers, without specifying 
what caused the fall. 
    ($1 = 0.8857 euros) 
 
 (Reporting by Robert-Jan Bartunek; editing by Jason Neely) 
 ((robertjan.bartunek@thomsonreuters.com; +32 2 2876850; Reuters 
Messaging: robert-jan.bartunek.thomsonreuters.com@reuters.net)) 
 
Keywords: TESSENDERLO RESULTS/