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K+S' Q2 profit ticks higher on strong potash, magnesium demand

K+S AG posted a net income of €38.3 million, or 20 euro cents per share, in the second quarter, surging from the year-ago net income of €200,000.

The increase was realized on the back of a significant improvement in the profit trend of the potash and magnesium products business unit, where operating earnings more than doubled to €31.4 million, from €14.7 million a year ago due to strong demand.

Revenue in the quarter increased to €742.0 million from €732.1 million in the year-ago quarter, according to an Aug. 15 release.

EBITDA increased to €101.9 million, compared to €83.4 million a year ago.

Operating earnings for the three months almost doubled to €28.5 million.

In the first six months of the year, K+S earnings dropped to €140.5 million, from €201.5 million in the year-ago half.

The company expects 2017 revenues of between €3.6 billion and €3.8 billion, compared to €3.5 billion in 2016.

EBITDA is expected between €560 million and €660 million in 2017, up from €519 million in 2016, on the back of a tangible increase expected in the potash and magnesium products business unit's operating profit.