Potash Corp cuts full-year profit forecast again

Thu Jul 28, 2016 6:09am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

July 28 (Reuters) - Canada's Potash Corp of Saskatchewan , the world's biggest fertilizer company by capacity, cut its full-year profit forecast for the second time as potash prices remained weak.

The company, which also reported a 71 percent drop in quarterly profit, cut its full-year profit forecast to 40 cents- 55 cents, from 60 cents to 80 cents it forecast in April.

Net earnings fell to $121 million, or 14 cents per share, in the second quarter ended June 30 from $417 million, or 50 cents per share, a year earlier.

Sales fell 39 percent to $1.05 billion, the company said on Thursday.

In a widely expected move, the company said it plans to cut its dividend by 60 percent to 10 cents per share. (Reporting by Rod Nickel in Winnipeg, Manitoba and Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)