PotashCorp more than doubles Q4 net income to $482m

27 January 2011 12:07  [Source: ICIS news]

A PotashCorp facility at Allan, CanadaLONDON (ICIS)--Potash Corporation of Saskatchewan (PotashCorp) more than doubled its fourth-quarter net income to $482.3m (€352.1m), up from $239.2m in the same quarter a year ago, as a result of improved demand, the Canadian fertilizer producer said on Thursday.

PotashCorp said its net income for the quarter reflected higher grain prices, which in turn boosted demand for potash, phosphate and nitrogen, as farmers were motivated to increase production.

The group’s sales for the three months ended 31 December 2010 grew 65% year on year to $1.81bn as a result of strong fertilizer demand.

"With global food demand as the powerful engine, we believe we have moved into the next stage of growth for our business. Our company stands poised to capitalize on that growth and we believe our fourth-quarter results provide a glimpse of the capabilities and earning potential of our expanding world-class operations," said PotashCorp president and CEO Bill Doyle.

The Canadian company’s 2010 full-year net income rose 84% year on year to $1.81bn, while sales for the year grew 64% to $6.54bn.

($1 = €0.73)

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By: Franco Capaldo
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