05:14 PM EST, 11/10/2021 (MT Newswires) -- Ag Growth International (AFN.TO) reported Q3 2021 net loss of $73,000 or $0.00 per diluted share, compared with a net loss of $12.26 million, or $(0.66) per diluted share, for the year ago period.
The company reported adjusted profit of $18.8 million, or $1.02 per adjusted diluted share, versus adjusted profit of $32.3 million, or $1.62 per adjusted share, for Q3 2020.
Trade sales rose 11% YoY, from Q3 2020's $282.5 million, to $313.8 million in Q3 2021.
Remediation work update
Progress on advancing the remediation work as it relates to the previously disclosed grain bin incident, continued in the quarter with remediation work nearly complete at one of the two customer sites. At the second customer site, the site of the grain bin incident, the customer has decided to remediate themselves and with other suppliers. AFN has spent $41 million of the $77.5 million total accrual.
Earlier in 2021, two legal claims related to the bin collapse were initiated against AGI for over $190 million. The investigation into the cause of and responsibility for the collapse is ongoing. AGI said it will fully and vigorously defend itself. It continues to believe that any financial impact will be partially offset by insurance coverage.