February 14, 2012 / 1:02 PM / 6 years ago

UPDATE 1-Migao profit shrinks as costs weigh

TORONTO, Feb 14 (Reuters) - Specialty fertilizer maker Migao Corp said on Tuesday its fiscal third-quarter profit shrank, as rising raw material costs more than offset the gains from increased sales.

The China-focused fertilizer maker said its profit in the quarter ended Dec. 31 fell to C$3.8 million ($3.80 million) or 7 Canadian cents a share, down from a year-earlier profit of C$8.2 million, or 16 Canadian cents a share.

Quarterly sales rose just over 50 percent to C$97.4 million, largely driven by increased direct sales of potassium chloride, or potash - a low margin business for the company as it imports most of its potash from overseas. ($1 = 0.9998 Canadian dollars) (Reporting By Euan Rocha; Editing by Gerald E. McCormick)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below