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POTASH: PCS earnings up, interest in ICL down

SASKATOON – Potash Corporation of Saskatchewan released its Q1 numbers on April 25, noting that potash sales volumes increased 78% from Q1 2012. Total sales for the first quarter this year were US$2.1 billion, compared with US$1.7 billion...



SASKATOON – Potash Corporation of Saskatchewan released its Q1 numbers on April 25, noting that potash sales volumes increased 78% from Q1 2012. Total sales for the first quarter this year were US$2.1 billion, compared with US$1.7 billion in the same period a year earlier. Net income was also up to US$556 million (US$491 million in Q1 2012).

At the same time, PCS said has decided not to pursue increasing its interest in Israel Chemicals Ltd., citing Israeli resistance to foreign investment and lack of a transparent regulatory climate. Last October, PCS announced it wanted to raise its 14% stake in ICL to a majority. The Canadian company finally said, “Now is not to time to pursue tis opportunity.” Instead, PCS plans to “focus on other options to maximize shareholder value.”

The company said that full-year guidance for 2013 will be maintained at US$2.75 to US$3.25 per share range.

Details of PCS’s first quarter financials are posted at PotashCorp.com.


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