SWP Reports Higher Profit

SASKATOON - Jun 11/07 - SNS -- The Saskatchewan Wheat Pool (SWP) reported net earnings of CDN $9.183 million on sales of $402.337 million for the third quarter ending April 30, compared to a net loss of $10.625 million on sales of $336.498 million during the same three-month period last year.

This lifted net earnings for the first nine months of the current fiscal year to $11.984 million on sales of $ 1,191.835 million, compared to a net loss of $20.255 million on sales of $978.18 million during the same period last fiscal year.

Discussing the results, the SWP said third quarter grain and oilseed deliveries to its primary elevator system were up 2.9% from last year at 1.7 million metric tons (MT). Fiscal year-to-date deliveries for the industry were up 4.6% for the nine-month period, while the SWP's deliveries were up 5.4% to 5.9 million MT compared to 5.6 million MT last year.

For the third quarter of fiscal 2007, the SWP shipped 1.9 million MT of grains and oilseeds from primary elevators, which compared to 2.0 million MT in last year's third quarter. The SWP's shipments were off 4.9% quarter-over-quarter, while the industry experienced a 6.0% decline mainly because of Canadian National Railways Co.'s (CN) labor strike.

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