Agricore Quarterly Loss Narrows

WINNIPEG - Jun 9/05 - SNS -- Agricore United reported a loss of CDN $5.4 million on sales and revenue of $640 million during the second quarter ending April 30, compared to a loss of $17.7 million on sales of $638.1 million during the same quarter of the previous fiscal year.

This lifted the company's loss for the first half of the current fiscal year to $24.9 million on sales of $1,188.1 million, compared to a loss of $31.3 million on sales of $1,189.1 million during the first half of the 2004 fiscal year.

In announcing the financial results, Agricore United noted sales of crop nutrients, crop protection products and seed increased by $35 million to $192 million for the six months ended April 30, 2005, compared to the same period last year, and have continued to exceed prior year results to the end of May 2005.

Grain shipments and livestock services sales also saw an increase for the six months ending April 30, 2005 with Agricore United handling 4.9 million metric tons (MT), or 35% of industry grain shipments. In addition, the average margin per ton on grain increased to $20.46 for the quarter compared to $18.78 MT for the same period last year.

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