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Post by
justme7899on Jan 30, 2015 11:43am
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Potash cycle heading upwards
Potash cycle heading upwards Potash Corp of Saskatchewan Inc (C-POT) - In the News
Globe says Potash Corp. enjoys soaring demand in Q4
2015-01-30 09:10 ET - In the News
Shares issued 830,129,724
POT Close 2015-01-29 C$ 45.48
The Globe and Mail reports in its Friday edition Potash Corp. of Saskatchewan raised its dividend and nearly doubled its quarterly profit as soaring demand for the crop nutrient offset flat potash prices. The Globe's Rachelle Younglai writes the Saskatoon miner benefited from a surge in demand from its customers in China, India and Brazil, as well as problems at one of its rival's mines. Russia's Uralkali had to suspend one of its main potash operations when brine flooded the mine. For the quarter ended in December, Potash Corp. earned $407-million or 49 cents a share, compared with $230-million or 26 cents in the previous year (all figures U.S.). It sold a record 2.5 million tonnes of potash, up from 2.3 million in the previous year. Potash Corp. chief executive officer Jochen Tilk said the hefty sales volume was not an attempt to gain market share at the expense of lower potash prices. The commodity remained just above $280 a tonne in the fourth quarter. In 2013, buyers delayed making purchases in hopes the price would fall further. Potash Corp. is learning to live with the lower potash price. The company also raised its dividend to 38 cents a share from 35 cents.