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.
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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.
The Pool’s primary shipments for fiscal 2002 compared favourably with the rest of the Canadian grain industry, the Pool said. Primary shipments for the year were 7.3 million tonnes, down only 12% from last year (industry shipments declined 22%). Wholly owned port terminal volumes were 3.4 million tonnes, compared to 4.2 million tonnes last year. Again, the Pool performed well in light of overall industry declines of 24%.
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