MA Industries, the world's largest provider of generic crop protection chemicals, reported a marginal rise in quarterly net profit as it overcame poor weather conditions and unfavorable exchange rates with higher revenue.
Israel -basedMA earned $90.2 million in the first quarter, up from $89.3 million a year earlier. Led by higher selling prices and double-digit gains in North America and Latin America, revenue grew 7% to $885.4 million, it said last week.
The company said it has been able to raise prices to compensate for higher raw materials costs.
China National Chemical Corp (ChemChina) owns 60% of MA Industries (MAI) while Israeli holding company Koor Industries, a subsidiary of IDB Holding Corp, owns the rest.
"We continue to focus on the building of a business platform that will enable MAI to become a leading player in the rapidly growing crop protection markets in China," its chairman, Yang Xingqiang, said in a statement.