22 July 2009 23:28 [Source: ICIS news]
HOUSTON (ICIS news)--US fertilizer major Mosaic reported on Wednesday net income of $146m (€102m) for its fourth quarter ended 31 May, down 83% from the $862m reported in the same quarter in 2008.
Weak agricultural demand for potash and lower selling prices for phosphorus were the cause of the downturn, the company said.
Mosaic had net sales in the fourth quarter of $1.6bn, a decrease of $1.9bn, or 54%, from the same period last year.
For all of the fiscal year, Mosaic’s net sales were $10.3bn, an increase of 5% compared with last year.
Net income for the fiscal year was a record $2.4bn compared with $2.1bn for the prior year.
Operating earnings were $2.4bn compared with $2.8bn a year ago.
"We managed our business well and became financially stronger during a year of unprecedented volatility," Mosaic president and chief executive officer Jim Prokopanko said.
"We remain highly confident in the long-term agricultural outlook and look forward to building momentum during fiscal 2010."
The average diammonium phosphate (DAP) selling price in fiscal 2009 was $345/tonne, and total phosphate sales volumes were 1.9m tonnes.
The average muriate of potash (MOP) selling price was $540/tonne, and total potash sales volumes were 0.6m tonnes.
($1 = €0.70)
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