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Soda Ash producer OCI posts slight hike in Q2 sales
08
Aug '14
Net sales reported a 2% marginal increase in the second quarter of 2014 ending June 30, at OCI Resources LP, a master limited partnership, which operates the trona ore mining and soda ash production business of OCI Wyoming LLC.

OCI Wyoming is one of the largest and lowest cost producers of natural soda ash in the world, serving a global market from its facility in the Green River Basin of Wyoming, which has been in operation for more than 50 years.

Net sales increased just 2.0% to $113.0 million in the second quarter of 2014, compared to $110.8 million in the prior-year second quarter.

Domestic sales in the quarter under review totalled $51.7 million, up from the same quarter of 2013, while international sales reached $61.3 million for the same period, marginally down from corresponding period of 2013.

Sales volume in short tons fell to 609.5 thousand during the second quarter of 2014 versus 611.8 thousand during the prior-year second quarter.

Costs of products sold (including freight costs) declined 3.0% to $79.9 million in second quarter of 2014, from $82.4 million during the corresponding quarter 2013. The decrease of 3.0% is primarily due to a $2.7 million reduction in pension expense driven by favorable actuarial discount rates and market returns.

Selling, general and administrative (SG&A) expenses increased 45.7% to $5.1 million in the second quarter of 2014, from $3.5 million in the prior-year second quarter, mainly due to the incremental general and administrative costs associated with being a public company.

Interest expense increased to $(1.3) million in the second quarter of 2014, from $(0.3) million in the prior-year second quarter. OCI clarified that the increase in interest expense is due to debt restructuring and the resulting higher principal balance in 2014.

Capital expenditures, including accruals, were $5.5 million against $1.7 million for the three months ended June 30, 2013 and maintenance capital expenditures were $1.9 million versus $1.4 million in second quarter of 2013.

Expansion capital expenditures for second quarter 2014 were $3.6 million compared to $0.3 million during the prior year second quarter. OCI attributed the increase in capital expenditures in 2014 to increase in capital budget during the current year, to support various planned expansion projects to increase its operating income or operating capacity.

The OCI BoD approved a quarterly cash distribution of $0.50 per unit payable to unit holders of record on August 1, 2014.

OCI has clarified that reported results of operations for the quarter ended June 30, 2014 are the results of the Partnership and its subsidiary, while those results for ending June 30, 2013, were of OCI Wyoming Holding Co. and its subsidiary.

Fibre2fashion News Desk - India

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