US Mosaic's Q1 net profit soars year on year

02 October 2008 00:04  [Source: ICIS news]

HOUSTON (ICIS news)--US fertilizer producer Mosaic reported on Wednesday a first-quarter net profit of $1.2bn (€852m), up substantially from $305.5m in net profit that the company reported for the same time last year.

Mosaic attributed the increase to tight supplies as well as strong demand from farmers.

Net sales were $4.3bn, up from $2bn reported for the same time last year. Cost of goods sold were $2.7bn, up from $1.5bn reported for the same time last year.

The gross margin for Mosaic's phosphates division was $1bn, up from $353.5m from the same time last year. The gross margin for the company's potash division was $503.2m, up from $126.6m for the same time last year.

Mosaic's first quarter runs through 31 August.

($1 = €0.71)

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By: Al Greenwood
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