CANADA: SWP reports Q4 profits of C$5.1m
Saskatchewan Wheat Pool today [Friday] announced a profit for the fourth quarter ended 31 July of C$5.1m (US$3.3m), prior to provisions. This compares to earnings of $9.3m in the fourth quarter of last year, the group said. The Pool sold its interest in an oilseed processor in the fourth quarter and recorded a provision related to staff reductions and country closures. In addition, the company recorded a provision of C$24.6m associated with its joint venture port terminal in Manzanillo, Mexico. Since opening in June of 1999, market conditions have deteriorated and the terminal's performance has not met expectations. As a result, the Pool recorded the provision to reflect the company's best estimate of the impairment of value of its investment and other related costs. After accounting for all one-time items, the net loss for the quarter was $41.1m compared to a net loss of $10.1m last year.
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