November 14, 2011 / 1:53 PM / 6 years ago

UPDATE 1-Ag Growth Q3 profit falls on drier harvest, low crop yields

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Nov 14 (Reuters) - Canada’s Ag Growth International Inc posted a fall in third-quarter profit as an unusually dry harvest hurt demand for its portable grain handling equipment.

July-September profit fell to C$4.6 million, or 36 Canadian cents a share, from C$15.2 million, or C$1.12 a share, a year earlier.

Sales fell 6 percent to C$81.8 million.

“Sales of portable grain handling, aeration and temporary storage equipment were negatively impacted by a fast and dry harvest in western Canada and an unusual growing season and reduced crop yields in the United States,” Chief Executive Gary Anderson said in a statement.

Shares of the Winnipeg-based company closed at C$30.75 on Friday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Saumyadeb Chakrabarty)

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