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K+S Group Posts Lower EBITDA, Revenue For Q1

Potash and salt miner K+S Group (SDFG) Friday reported lower EBITDA for the first quarter, as revenues slid by 14 percent due to weaker de-icing salt business in Europe and North America as well as lower prices for potash fertilizers.

The Group's EBITDA or Earnings Before Interest, Taxes, Depreciation and Amortization for the quarter declined to 201 million euros from last year's 270 million euros.

K+S Group's revenue for the first quarter decreased by 14 percent to 1.1 billion euros from 1.3 billion euros. The decline in revenue was attributed to weaker de-icing salt business in Europe and North America as a result of mild weather conditions, as well as lower prices for potash fertilizers.

Looking ahead to the full year 2020, the Group now expects EBITDA of about 520 million euros, compared to its prior guidance of 500 million - 620 million euros.

With regards to the current global corona pandemic crisis, K+S said it ensured the supply of essential products to its customers from various sectors and its production was up at almost all sites without interruption.

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