June 12, 2008

Viterra's Q2 earnings soar by 265 percent

Viterra announced strong second quarter earnings on June 11 for the quarter ended April 30, which amounted to CAN33.6 million, up sharply by 265 percent on-year.

The company's net sales were CAN1.5 billion, up from CAN401 million from last year.

The company attributed the earnings increases to its expanded grain elevator network and strong commodity prices.

Mayo Schmidt, president and chief executive officer, said that as the company completes the integration of Agricore United (AU), there have been improvements in its operational performance and the associated value being created for shareholders.

Viterra has been able to optimize returns on its expanded network of assets and maximize the efficiencies it has gained with the larger scale operations, Schmidt added.

The company is also planning to upgrade two grain handling facilities, in line with its efforts to maximize Canada's transportation supply chain, creating increased capacity and cost-savings for all participants.

US$1 = CAN1.02 as of June 12, 2008