US Mosaic more than quadruples Q4 profit

28 July 2008 22:58  [Source: ICIS news]

HOUSTON (ICIS news)--US fertilizer producer Mosaic announced on Monday that net profits for its fourth quarter were $862.5m (€552m), up from $202.6m for the same time last year.

Net sales for the company were $3.5b, more than double the $1.7b in net sales last year at this time.

CEO Jim Prokopanko said in a statement that he expected the company to continue financial progress as long as global demand for food remained strong.

“The fundamental driver of our business - the need for more food - continues unabated. Through balanced application of crop nutrients, farmers increase yields and help produce more food for people around the world,” Prokopanko said.

Mosaic is among several fertilizer producers that reported record earnings.

CF Industries announced it had more than tripled its net profits. Last week Potash Corporation of Saskatchewan (PotashCorp) reported record margins.

The companies are benefiting from high fertilizer prices at a time when global food markets are tightening.

($1 = €0.64)

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By: David Rosen
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