Potash’s perfect storm tempered by recession
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Potash Investing News reports high fertilizer prices as we go into a global recession.
Despite grim circumstances for most commodity companies; Potash Corp of Saskatchewan’s (TSX: POT) 2008 net income doubled, in comparison to 2007. Net income increased to $788 million or $2.56 a share from $376.8 million or $1.16 a year earlier. Sales climbed 31 per cent to $1.87 billion. Potash last month said it plans to reduce output of its namesake crop nutrient by 2 million metric tonnes this year in an attempt to maintain prices. Potash, a form of potassium, accounted for half of the company’s fourth-quarter revenue.
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