April 23, 2020 / 6:27 AM / a month ago

Yara calls off Industrial unit IPO as Q1 tops forecast

OSLO, April 23 (Reuters) - Norwegian fertiliser company Yara said on Thursday it would keep its industrial nitrogen businesses within the firm, rather than spin it off in an initial public offering, and reported core first-quarter profits above expectations.

The company last year announced plans to spin off the non-fertiliser business, which generates 10%-15% of annual profits.

Yara’s Jan-March profit before interest, tax, depreciation and amortisation (EBITDA), rose 9% to $504 million before non-recurring items, while analyst on average had forecasts $445 million according to Refinitiv. (Reporting by Victoria Klesty, editing by Terje Solsvik)

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