Sociedad Química y Minera de Chile S.A. (NYSE:SQM) Q2 2017 Earnings Conference Call - Preliminary Transcript
Aug 23, 2017 • 08:00 pm ET
Good day, and welcome to the SQM Second Quarter 2017 Earnings Conference Call. All participants will be in listen only mode. Should you need assistance. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] please note this event is being recorded. I would now like to turn the conference over to Gerardo Illanes. Please go ahead.
Thank you. Good morning everyone and welcome to it SQM second quarter 2017 earnings conference call for your information. This conference call will be recorded and is being webcast live. You may access the webcast later on our website www.sqm.com. Joining me today, our speakers are Patricio Solminihac Chief Executive Officer and Ricardo Ramos CFO Before we begin, let me remind you that statements in this conference concerning the company's business outlooks, future economic performance, anticipated profitability, revenue, expenses, or other financial items, anticipated cost synergies and product or service line growth together with other statements are not historical facts that are not sorted out, but are forward looking statements that there is defined under federal securities law.
Any forward looking statements or estimates respecting the best judgment of SQM, based on currently available information and it goes on under a brief uncertainties and other factors that could cause actual results to differ materially from those stated in such statement, risk uncertainties and factors that could affect the accuracy of such forward looking statements are identified in the public filings made with the Securities and Exchange Commission. And forward looking statements should be considered in light of those factors.
I will now leave you with our chief executive officer Patricio Solminihac for brief comments before we go to Q&A.
Good morning, and thank you for joining SQM second 2017 earning conference call. Last night, we post our results for the first half of the year, our net income reached $204 million, an increase of over 44% when compared to the second half of last year. There were several highlights related to the result of which for the first six months of last year sales volume rich record high in [Indecipherable], especially planned nutrition, and [Indecipherable] sales volume reach almost 34,000 metric tons and prices reach all time highs surpassing the $12,500 in the eye Business Line.
Sales volume reached record levels of 6600 metric ton, which put us on the target to sell over 12,000 tons this year. sales volumes in SQM business line reach close to 450,000 metric tons in the first half of this year. And we expected momentum to continue for the remainder of 2017. Along with the strong results, and the highlights I just mentioned during the first half of the year, [Indecipherable] on various expansion projects in Chile and [Indecipherable] abroad. Moving this venture and the company forward, shoulder limitation of the company to explore and develop new opportunities.
We announced last night that we are increasing Island production at our [Indecipherable]. We are investing approximately $30 million to developing and expand our capacity