PotashCorp is reporting a rocky year for potash prices in its latest financial statements.
In its third quarter earning statement, the company reported potash gross margins of $317 million for the first nine months of the year. Last year at this time, the company had made $1.1 billion, a decrease of $783 million.
The company blames the drop on weak prices globally. The company reported an average price of $150 per tonne in the third quarter, down from $250 per tonne in 2015.
The company's CEO hopes conditions will improve next year.
We will continue with a disciplined approach to our operations and the markets," said CEO Joshen Tilk in a press release. "We expect favourable consumption trends and lower inventories to lead to stronger demand in 2017."
The company is also hopeful its merger with Agrium will improve the company's bottom line.
Source : CBC