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SMALL BUSINESS
Potash 3Q earns fall sharply
AP
SASKATOON, Saskatchewan -Potash Corp., the world's largest potash producer, said Thursday its third-quarter profit fell almost 80 percent as fertilizer sales and prices skidded.
The fertilizer giant said the decline reflects continuing caution among farmers who are trying to cut costs amid uncertainty about global economic prospects and its impact on demand for their products.
President and CEO Bill Doyle said uncertainty among fertilizer buyers has lasted far longer than they anticipated, but cannot continue indefinitely.
For the quarter ending Sept. 30, Potash's net income was $248.8 million, or 82 cents per share, down from $1.2 billion, or $3.93 per share, in the same period last year.
Saskatoon, Saskatchewan-based Potash said its sales fell to $1 billion from $3.1 billion in the same period last year.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-22 11:32:09
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