November 1, 2016 / 10:57 AM / 10 months ago

Mosaic quarterly profit slumps 75.5 pct as prices stay low

Nov 1 (Reuters) - Mosaic Co, the world's largest producer of finished phosphate products, reported a 75.5 percent fall in quarterly profit on Tuesday, due to lower fertilizer prices.

The company's net earnings fell to $39.2 million, or 11 cents per share, in the third quarter ended Sept. 30 from $160 million, or 45 cents per share, a year earlier.

The U.S. fertilizer company said net sales fell 7.3 percent to $1.95 billion.

Larger rival Potash Corp of Saskatchewan last week reduced its profit guidance for the year, saying that a recovery of the potash market would take more time, and recorded larger-than-expected quarterly earnings. (Reporting by Ismail Shakil in Bengaluru and Rod Nickel in Winnipeg, Manitoba; Editing by Sriraj Kalluvila)

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