REGINA — Viterra Inc. posted net earnings of $26.3 million in the second quarter, including an $8-million loss on the disposal of assets, compared to net earnings of $33.6 million for second quarter of 2008, the Regina-based company announced Wednesday .
The $8-million loss relates to the closure of four grain elevators acquired from Agricore United as part of the takeover of AU by the former Saskatchewan Wheat Pool in 2007. Excluding the loss, second-quarter earnings would have come in at $32 million — on par with last year.
For the six months ended April 30, Viterra had a net loss of $6.6 million, compared with net earnings of $74.8 million in the same period of 2008. The decline in earnings reflects the impact the weakened global economy had on fertilizer margins, the company said Wednesday.
Viterra’s net earnings for the first six months were $18.8 million, excluding the $28.1-million inventory write-down taken in the first quarter and the loss on asset disposal.
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posted by srikanth...july8
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