* Second-quarter results due on Sept. 6
* Analysts expect a 28 pct drop in Q2 net income
* U.S., Algeria plant start-up costs seen weighing
CAIRO, Sept 4 (Reuters) - Orascom Construction Industries
, Egypt's biggest listed company, is expected to report
a 28 percent drop in net income for the second quarter, pulled
lower by start-up costs at its Algerian and U.S. fertiliser
plants.
Orascom, which plans to split its construction and
fertiliser businesses into two new companies, is likely to
publish net income of $119.2 million for the period, down from
$165.2 million a year earlier, according to the average of 13
analyst estimates gathered by the company.
Revenue was seen at $1.427 billion, down from $1.470
billion.
Start-up costs at Sorfert Algeria and OCI Beaumont are
likely to have outweighed a strengthening of fertiliser prices
since the first quarter, analysts said.
"The company is likely to witness a better 2H12 and 2013 ...
as volumes from Sorfert and Beaumont start kicking in and,
hence, we remain bullish on OCI's fertilizer business longer
term," analysts at JP Morgan Cazenove wrote in a research note.
OCI has been able to attract projects from across the Middle
East to offset a slowdown at home since Egypt's leader was
ousted in 2011. The group has been looking at new projects in
the region, particularly Saudi Arabia, Morocco and Iraq.
Chairman Nassef Sawiris said in June he expected an
improvement in earnings in the full year after net profit fell
in the first quarter due to a drop in sales volume and the weak
fertiliser prices.
OCI shares have gained 38 percent this year, compared to a
51 percent increase by Egypt's benchmark EGX30 index.
The company said in June it planned to complete its demerger
in the third quarter after a review by Egypt's General Authority
for Investment. JP Morgan, which rates OCI "overweight", said it
now expected the split to conclude in the fourth quarter.
Following is a summary of the consensus estimates gathered
by the company. All figures are in millions of dollars.
NET PROFIT REVENUE EBITDA
FORECAST 119.2 1,427.4 304.2
NUMBER 13 13 13
Q2 2011 165.2 1,470 360.6
(Reporting by Tom Pfeiffer; Editing by Helen Massy-Beresford)
Source: http://news.yahoo.com/earnings-poll-oci-earnings-seen-lower-fertiliser-costs-143511044--sector.html
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