Nov 23 (Reuters) - Chile’s SQM , one of the world’s biggest producers of lithium, reported its quarterly profit more than quadrupled, powered by higher lithium prices.
SQM, which also produces iodine and specialty fertilizers, said net income rose to $55.8 million, or 21 cents per American Depositary Receipt (ADR), in the third quarter, from $13.7 million, or 5 cents per ADR, a year earlier.
Revenue rose 13.2 percent to $504 million.
SQM, a former state company with access to vast mineral reserves in Chile’s Atacama desert, has benefited from rocketing prices for lithium, which is used to power batteries for electric vehicles. (Reporting by Ismail Shakil in Bengaluru and Rosalba O‘Brien in Santiago; Editing by Leslie Adler)