Higher potash sales and a weaker Canadian dollar helped Potash Corp. of Saskatchewan (TSE) record net income of $10.1 million for the first quarter, compared with $8 million for the same period last year.
On a year-over-year basis, potash sales volumes in the first quarter were up 16% over 1993 and revenues from potash operations were up 22%. Although export sales of 508,885 tonnes were down 5% from 1993, domestic sales were up 41%.
Potash prices, on a U.S. dollar basis, were flat in this year’s first quarter, compared with last year, but a weaker Canadian dollar improved prices by 6%.
The Saskatoon, Sask.-based company produced about 1.1 million tonnes in the 3-month period.
Potash Corp. holds 20% of world potash capacity, pulling product from seven mines, six of which it owns and operates. It controls a U.S. retail fertilizer company and markets potash offshore for three producers in New Mexico.
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