Friday, February 14, 2014

Potash profits crumble

Mosaic Co. is the latest to suffer a sharp drop in profits because global prices have declined after a cartel split up between Russian and Belarus potash companies.

Net earnings for the fourth quarter plunged by 79 per cent to $129 million, the company's second-smallest quarterly profit in four years. A year earlier, it earned $616 million, or $1.44 per share.
Revenue dropped eight percent to $2.2 billion.
Mosaic is one of three companies that operate an export cartel for potash they mine in Saskatchewan.