Potash Corp. of Saskatchewan Inc. says subdued global markets caused a drop in its latest quarterly earnings.
The Saskatoon-based company reports net earnings of $121 million in the second quarter, or 14 cents per share.
That was down from $417 million, or 50 cents per share, in the same period a year ago.
Potash Corp. says demand for potash has been healthy in North America and Latin America but shipments have been affected by contract delays in China and India and cautious buying in other Asian markets.
The company says spot prices were down compared to the first quarter of this year, but began to show signs of firming as market fundamentals improved at the end of the second quarter.
The average potash price was $154 per tonne in this year’s second quarter down from $273 in the same period last year.
(The Canadian Press)