February 10, 2011 / 12:46 PM / in 7 years

UPDATE 1-Migao quarterly profit slips on higher costs

TORONTO, Feb 10 (Reuters) - Specialty fertilizer maker Migao Corp MGO.TO said on Thursday that quarterly earnings slipped due to higher natural gas prices, coupled with increased capital spending and a higher tax rate.

Net income in the third quarter ended Dec. 31 fell to C$8.3 million, or 16 Canadian cents a share, from C$8.7 million, or 18 Canadian cents a share, a year earlier.

Toronto-listed Migao, which operates specialty potash fertilizer plants across China, said it was realizing improved prices in the current quarter, as it has raised selling prices to offset the increase in raw material costs.

The company also said sales volumes were improving as its potassium nitrate joint-venture with Chile’s SQM SQMa.SN has recently begun production in China’s Sichuan province. ($1= $0.99 Canadian) (Reporting by Euan Rocha; Editing by Lisa Von Ahn)

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