02 May 2005 00:01 [Source: ICB Americas]
Continued growth in potash prices and margins has resulted in record earnings for Potash Corp. of Saskatchewan Inc. The company posted a quarterly net income of $131.3 million on 26 percent higher sales of $921 million. Profits were 31 percent higher than the previous record, which was set last quarter and were more than double last year’s results of $50.7 million.
In addition to the strong perfor-mance in potash, PotashCorp also notes continued strength in the nitrogen and industrial phosphate sectors, as well as improvement in the feed phosphate segment.
The price of potash continues to climb, according to the company, with the offshore realized price up 58 percent to $123.35 per ton versus $78.29 per ton in the first quarter of 2004.
PotashCorp’s nitrogen operations generated $65.3 million in gross profits.
Looking ahead, PotashCorp expects to see additional gains in its potash business as well as a continued tight supply-demand situation for nitrogen. Its phosphate business is expected to remain challenged by oversupply in the world market.
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