Agrium Reports $109 Million Loss

CALGARY - Feb 10/04 - SNS -- Agrium Inc. reported a fourth quarter loss of $109 million, reflecting the impact of a carrying cost reduction at its Kenai, Alaska nitrogen facility.

If not for that one-time $140 million write down the company would have reported a $31-million net for the quarter ending December 31 on sales of $677 million.

This lifted the company's results for fiscal 2003 to a net loss of $21 million on sales of $2,630 million. This compares to a breakeven result on sales of $2,198 million in 2002 and a fourth quarter profit of $10 million on sales of $538 million in 2002.

"Our operating results continue to reflect the ongoing strength in the fertilizer sector as average prices for all three nutrients have increased considerably. Our wholesale margins for our main products increased compared to the third quarter of 2003," said Mike Wilson, Agrium's President and CEO.

The subscriber version of the article is available by Clicking here