Agricore Loss Widens to $19.5 Million

TORONTO - Mar 10/05 - SNS -- Agricore United reported a loss of CDN $19.5 million on gross revenue of $548.1 million for the first quarter ending January 31, compared to a net loss of $13.6 million on sales of $650.98 million the previous fiscal year.

In explaining the numbers, the company noted operating, general and administrative (OG&A) expenses increased $13 million over the same quarter, including the effect of a $4.5 million property tax recovery which reduced expenses in January last year.

"Changes in timing of certain expenses in the current year, annualization of costs such as insurance programs and an increase of about three percent in underlying costs also contributed to higher expenses in the first quarter," the company said.

Crop Production Services sales of crop nutrients, crop protection products and seed increased $12.8 million to $70.1 million for the quarter ended January 31, 2005. The average crop nutrition retail margin per MT improved 21% compared to the same quarter in 2004.

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