PotashCorp's Q1 op profit more than doubles

24 April 2008 14:24  [Source: ICIS news]

MUMBAI (ICIS news)--Canada-based PotashCorp's first-quarter operating profit more than doubled year-on-year on increased demand for its potash, phosphate and nitrogen-based fertilizer products, the firm said on Thursday.

The company’s operating profit for the first quarter to 31 March was $749m (€472m), up from $308.3m in the same period a year earlier.

"Another record quarter for our company reflects the ongoing growth in global demand for food and the fertilizers that are essential to maximising crop production," said CEO Bill Doyle.

Sales during the period increased 64% to $1.9bn, while net profit surged to $566m, from $198m in the 2007 first quarter, the company said.

Sales in PotashCorp's phosphate segment doubled to $796.2m, from $380.5m

Nitrogen sales rose 38% to $581.2m, from $419.6m in the 2007 first quarter, and phosphate sales rose 44% to $513.2m, from $354.6m.

Stefan Baumgarten contributed to this article

($1 = €0.63)

By: Aaron Rodrigues
+65 6780 4359

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