Viterra Posts Q2 Profit

TORONTO - Jun 10/09 - SNS -- Viterra reported net revenue of CDN $26.3 million on sales of $1,608 million for the second quarter ending April 30, compared to a net of $33.6 million on sales of $1,525 million during the same three month period last year.

This reduced the loss for the first half of the current fiscal year to $6.64 million on revenues of $2,989.8 million, compared to a net gain of $74.8 million on sales of $2,842.5 million last year.

In reporting its latest financial results, Viterra said total shipments in the Grain Handling and Marketing segment were up 36.7% over the prior year. Grain handling margins were $27.22 per metric ton (MT) for the second quarter compared to $36.00 MT in the same quarter a year ago. Year-to-date gross margins were $26.43 MT, in line with management's expectations.

Sales and other operating revenue for the Agri-products segment were $266.0 million for the second quarter of 2009 and $452.1 million for the six months ended April 30, 2009. This compares to $202.5 million and $368.4 million for the respective three and six-month periods of last year. Stronger sales in both periods are a result of stronger volumes in fertilizer, seed and equipment and higher fertilizer prices relative to the same period last year.

Sales in the Agri-food Processing segment for the quarter were $54.8 million, up $2.7 million from the comparable period of 2008, reflecting higher average sales prices offset partially by lower sales volumes. On a year-to-date basis, sales were $103.2 million, up $8.0 million from the comparable period of 2008.

The Livestock Feed and Services segment generated feed sales of $173.6 million for the three months ended April 30, 2009, which compares to $123.8 million in the comparable period of 2008. The increase is primarily due to the contributions from feed manufacturing plants that Viterra acquired during fiscal 2008.

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