Canada PotashCorp's Q2 net profit down 38% on impairment charges

26 July 2012 11:56  [Source: ICIS news]

LONDON (ICIS)--Potash Corporation of Saskatchewan’s (PotashCorp) second-quarter net profit fell by 38% year on year as the Canadian producer was hit by one-off impairment charges, it said on Thursday.

Net profit fell to $522m (€428m) from $840m in the same period last year after charges which included $341m on an investment in China’s Sinofert and $29m in items related to its phosphate segment.

“Although certain notable items reduced our reported earnings, the second quarter highlighted the underlying strength of our business," said President and CEO Bill Doyle.

“The acceleration in potash demand that took hold at the end of the first quarter allowed us to deploy our capacity, delivering strong results and creating value for our shareholders."

Sales for the quarter increased by 3% to $2.40bn while gross margin was up by 2.7% to $1.20bn, PotashCorp said.

($1 = €0.82)

By: Graeme Paterson
+44 20 8652 3214

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