Agricore United Reports Losses

WINNIPEG - Dec 9/04 - SNS -- Agricore United reported a net loss of CDN $24.2 million on gross revenue of $612.4 million during the fourth quarter ending October 31, compared to a net loss of $6.45 million on sales of $653.5 million during the same period last year.

This resulted a larger year to date loss than recorded in 2002-03. The fiscal year ended with a loss of $13.72 million on sales of $3,048.1 million, compared to a loss of $5.55 million on sales of $2,726.6 million the previous fiscal year.

In reporting the results, Agricore United said grain handling volume for the year ended October 31, 2004 increased by 2.6 million MT (or 35%) to 10 million MT despite poor fall weather conditions which delayed the 2004 harvest. The 2004 average margin increased to $21.34 MT from $20.87 in 2003 (excluding the effects of the $4.6 million grain volume insurance recovery).

Subscribers can read the full text of the article by Clicking here