Thanks to a one-time tax provision recovery, the Potash Corporation of Saskatchewan is reporting a second quarter profit of 201 million US.
The Saskatoon-based company says the earnings amount to 24 cents per share for the quarter, including eight cents per share due to provincial tax changes.
That compared with a profit of $121 million or 14 cents per share in the same quarter last year.
Sales in the quarter totalled $1.12 billion, up from $1.05 billion a year ago.
Potash Corp is the world’s third-largest potash producer, and forecast global demand of 62 million to 65 million tonnes this year, up from an earlier forecast of 61 million to 64 million tonnes.
It said potash sales jumped 11 per cent to 2.4 million tonnes in the second quarter.
PCS is also in the final stages of a merger with Agrium that is expected to close late in the 3rd quarter.
The new company will be known as Nutrien.