Potash Corp. profit up

The first-quarter profit of Potash Corp. of Saskatchewan is expected to be in the range of $11-13 million, up from $3.6 million in the year-earlier period, said Chairman Charles Childers. Childers recently told members of the New York Society of Security Analysts that the company’s sales volumes were strong during the first quarter, particularly to offshore customers. Offshore sales last year accounted for more than half the company’s total sales of 3.7 million tonnes. Offshore prices are up as well, he said, noting new contracts with Japan and Korea for a US$9.50-per-tonne increase will show up in earnings later this year.

Potash Corp. of Saskatchewan represents roughly 10% of world potash production, 15% of world capacity and nearly half the world’s excess capacity. It has proven reserves of 4.7 billion tonnes of recoverable ore, enough for more than 100 years of production.

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