Intrepid posts seven-fold rise in Q2 net profits

14 August 2008 08:46  [Source: ICIS news]

SINGAPORE (ICIS news)--US-based Intrepid Potash Inc has posted a more than seven-fold rise in second-quarter net profits to $32.4m (€21.8m) year on year driven by increased product pricing and strong market demands, the company said on Thursday. 

 

Due to tight global food supply, the demand for potash would continue to rise, in turn driving Intrepid’s growth, said CEO Bob Jornayvaz.

 

Intrepid reported a higher net sales price for potash during the period ended 30 June of $469/tonne, compared with $201/tonne year on year, it added.

 

The cost of potash production had risen by 18% due to higher feedstock values but the rise in net prices had helped offset those hikes, the company said.

 

Looking ahead, Intrepid was looking to increase capacities and to lower costs to meet the demands of its customers.

($1 = €0.67)

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By: Leon Toh
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