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OSLO, Oct 18 (Reuters) – Norway’s Yara YAR.OL stated on Fridayit was beginning a share buy-back programme after reporting quarterly earnings that had been broadly consistent with forecasts, and stated the supply-demand stability for urea fertiliser seems to be set to tighten additional.
The firm, one of many world’s largest fertiliser-makers, stated it noticed an enhancing pattern for its merchandise despite cereal costs being under the 10-year common, with a tightening international grain stability and receding urea provide stress.
“Fertilizer demand development is prone to decide up as elevated grain manufacturing is required to maintain tempo with consumption development, and international grain shares are comparatively low, notably in China,” it added.
Yara’s second-quarter revenue earlier than curiosity, tax, depreciation and amortisation (EBITDA) rose 49% to $630 million earlier than non-recurring gadgets and IFRS 16 accounting results, whereas analysts in a Refinitiv ballot on common had anticipated $623 million.
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