ICL’s first quarter gross profit was down 20% year on year at $400 million as the company was hit by declines in potash and phosphate prices. Total sales revenues fell 6.8% year on year to $1.32 billion including an 18% drop in potash segment revenues. Cost of sales were largely flat for the quarter at $919 million. First quarter potash sales revenues fell to $314 million from $384 million in Q1 2019 after a drop in prices and a delay in the headline Chinese contract agreement.
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