January 26, 2017 / 11:21 AM / in a year

Canada's Potash Corp posts 70.7 pct drop in Q4 profit

Jan 26 (Reuters) - Potash Corp of Saskatchewan Inc reported a 70.7 percent drop in fourth-quarter profit on Thursday, hurt by weaker prices for crop nutrients.

The company’s net earnings plunged to $59 million, or 7 cents per share, in the quarter ended Dec. 31, from $201 million, or 24 cents per share, a year earlier.

The world’s biggest fertilizer company by capacity said its sales fell 21.9 percent to $1.06 billion.

The company also said that it determined in the quarter that the carrying value of certain assets should be assessed for potential impairment.

Potash said the assessment is ongoing, with a particular focus on phosphate, and said it expects to complete it no later than late February. (Reporting by John Benny in Bengaluru; Editing by Maju Samuel)

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