September 8, 2006

Canada's Agricore United Q3 net income up on higher grain shipments

Agricore United, a Winnipeg agribusiness, reported higher third-quarter earnings, driven by grain-segment results which were "the best we've seen in recent years".

The company's third-quarter net income was C$56.0 million or 95 Canadian cents a share, up from a restated C$48.3 million or 82 Canadian cents a year earlier. The company said it shipped 12 percent more grain compared with a year earlier at a higher margin per tonne.

Operating expenses declined marginally.

Sales and revenue from services amounted to C$1.2 billion in the latest quarter, up from C$1.0 billion a year earlier.