2Q Results Put SWP in Black

REGINA - Feb 27/07 - SNS -- The Saskatchewan Wheat Pool Inc. (SWP) reported net earnings of CDN $7.935 million on revenue of $448.236 million for the second quarter ended January 31, compared to a net of $2.945 million on sales of $367.725 million during the same three month period last year.

This lifted net earnings for the first half of the current fiscal year to $2,801 million on sales of $789.498 million, compared to a loss of $4.709 million on sales of $641.682 million the first half of the previous fiscal year.

The company said all core operations, including its grain handling and marketing, agri-products and Can-Oat Milling reported higher contributions for the quarter relative to the same period a year ago.

The company said increased gross revenue reflects "strong commodity prices and quarterly grain and oilseed shipments, together with higher sales from the SWP's Agri-food Processing segment, (which) more than offset the impact of lower selling prices on the Agri-products segment sales.

"On a year-to-date basis, sales and other operating revenues were $789.5 million, a 23.0% improvement over $641.7 million in the first six months of fiscal 2006. A 9.4% increase in grain shipments for the period, coupled with higher sales from Agri-food Processing offset lower sales from the Agri-products segment, which primarily reflected lower fertilizer prices relative to the previous year."

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