K+S Q3 Net Income Falls 99 Percent

GEORGE FREY

FRANKFURT (AP) — German salt and fertilizer company Kali + Salz AG said Thursday its net income fell 99 percent in the third quarter as demand for its potash, nitrogen and magnesium agriculture products dropped.

K+S, based in Kassel, said it earned just euro3.7 million ($5.6 million) in the July-September period from the euro334 million in the third quarter of 2008.

Revenue for the period fell 52 percent to euro698 million from euro1.4 billion in the third quarter a year ago.

K+S said it expects lower total sales, and that earnings will fall sharply for the year.

"From today's perspective, the fertilizer business can still not be expected to normalize in the fourth quarter of the year," CEO Norbert Steiner said in the report.

K+S is one of the worlds largest fertilizer and salt companies, and in April acquired Chicago-headquartered Morton Salt in the U.S. Morton earnings, however, will only be included in K+S financial reports starting with the fourth quarter 2009.