SWP Declares Second Quarter Profit

REGINA - Mar 15/06 - SNS -- Saskatchewan Wheat Pool Inc. (SWP) reported net earnings of CDN $2.9 million on sales of $368 million for the second quarter ending January 31, compared to a net loss of $900,000 on sales of $322 million during the same three month period of the previous fiscal year.

This reduced the net loss recorded so far this fiscal year to $4.7 million on sales of $642 million, compared to a net loss of $16.5 million on sales of $551 million during the first half of the previous fiscal year.

In reporting its latest financials, the SWP said this year's increased sales reflect stronger grain shipments, partially offset by lower non-Board commodity prices, higher sales from the SWP's retail operations and its joint venture affiliate, Western Co-operative Fertilizers Ltd., and sales improvements through Can-Oat Milling.

These improvements were slightly offset by lower sales volumes through the SWP's affiliate Prairie Malt Limited due to the timing of customer shipments coupled with lower selling prices for malt products.

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