July 3, 2012 / 12:07 PM / in 6 years

UPDATE 1-Fertilizer maker Migao posts loss on impairment cost

July 3 (Reuters) - Chinese specialty fertilizer maker Migao Corp reported a quarterly loss, hurt by an impairment cost, and the company said it will starting paying a dividend.

Migao, which uses potassium chloride, or potash, to produce higher-margin crop nutrients such as potassium nitrate and potassium sulfate, said it expects to pay an annual cash dividend of about 6 Canadian cents per share.

An initial dividend is expected to be declared in August, the company said in a statement.

The company reported a fourth-quarter net loss of C$1.0 million ($981,300), or 2 Canadian cents per basic share, compared with a profit of C$8.8 million, or 17 Canadian cents per basic share, a year earlier.

The company, which has a market value of about C$124 million, said it would have earned 5 Canadian cents per basic share, excluding an impairment charge for assets used in producing sulphuric acid.

Sales rose 18 percent to C$138.8 million on strong demand for its new specialty compound fertilizers and higher sales of potash.

Migao’s shares closed at C$2.36 on Friday on the Toronto Stock Exchange.

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