Agrium Q3 net profit jumps seven-fold to $367m

05 November 2008 14:00  [Source: ICIS news]

TORONTO (ICIS news)--Agrium's third-quarter net profit rose to $367m (€283m) from $51m in the year-earlier period and sales tripled to $3.1bn on strong demand and pricing, the Canada-based fertilizer major said on Wednesday.

 

Gross profit for the three months ended 30 September was $1bn, up from $305m in the 2007 third quarter and net earnings before interest and taxes (EBIT) was $567m, up from $102m a year earlier.

 

"These impressive third quarter results demonstrate the strength of Agrium's diverse product and asset mix and our ability to make and integrate strategic acquisitions,” said CEO Mike Wilson.

 

Crop fundamentals remained positive even though the global credit crunch hit commodity prices severely, Wilson said.

 

“We do not believe global food demand will be impacted by a downturn in the economy the way that other commodity and consumer products would, and any reduction in global fertilizer use or seeded acreage will only put more upward pressure on crop prices in the future,” Wilson said.

 

($1 = €0.77)

 

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By: Stefan Baumgarten
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