Saskpool has Q4 profit

WINNIPEG •

Saskatchewan Wheat Pool, Canada’s secondlargest grain handler, reported a fourth-quarter profit yesterday, crediting busy fertilizer and farm supply sales and better grain volumes.

The Regina-based company had net earnings of $29.5-million ( 44¢ a share) for the quarter ended July 31, compared with earnings of $28.8-million (92¢) a year earlier. Saskpool’s per-share earnings fell because of charges related to its recent recapitalization, which included converting debt to equity, said Colleen Vancha of the company’s investor relations department. Noteholders received a premium on the conversion, and Saskpool took a $33.8-million non-cash charge to account for the change, Ms. Vancha said. Sales were up slightly at $547-million from $542-million the previous year, Saskpool said.

The company said a large grain harvest in Saskatchewan bodes well for its earnings in the coming year. Saskpool shares closed up 6¢ at $6.00 on the Toronto Stock Exchange yesterday.