Makhteshim Agan Industries, dented by the restructuring of its Brazilian operations, has unveiled its worst quarter since at least 2001, demonstrating the desire of its top shareholder to sell out, according to broker Meitav.

The generic agrichemicals giant said that it fell $56.2m into the red in the July-to-September quarter, far surpassing the after-tax loss of $29.8m recorded in the last three months of 2009.

The decline in MA Industries' performance, from a loss of $17.5m in the third quarter of last year, reflected in part one-off charges associated with a revamp of its Brazilian subsidiary, Milenia, and $5.1m in costs run up in the failed bid for US peer Albaugh.

However, even without the charges, the group lost $22.7m, 30% more than a year before.

"The strategic necessity in selling the company to ChemChina seems clearer than ever," Tel Aviv-based Meitav said, referring to the attempt by Koor Industries, MA Industries' biggest investor, to sell control of the sprays company to a Chinese suitor.

Koor at the weekend revealed it was still seeking a deal, even though ChemChina was seeking a $320m discount to the value of MA Industries initially agreed.

'Pricing pressures'

Avraham Bigger, the MA chairman, acknowledged the "pricing pressures and increased competition" the company was facing, with growing Chinese rivalry, notably in the market for glyphosate, a generalist weedkiller.

However, the group was confident that the Brazilian revamp would improve its "competitive positioning in this important market".

Erez Vigodman, chief executive, flagged rapid sales growth in emerging markets, including a 68% surge in Asia Pacific revenues, besides improvement in market share in Europe.

Group revenues jumped 22% to $533.1m in the latest quarter.

And newly-announced acquisitions in Mexico and South Korea would allow the group to "further cement our global footprint and competitive position", Mr Vigodman said.

MA Industries shares closed 1.2% lower at 16.11 shekels in Tel Aviv, taking to 9.7% their losses since the weekend's announcement of ChemChina's reduced terms.