Potash Corp. boosts income

Increased earnings and lower output of potash was reported by Potash Corp. of Saskatchewan (TSE) during the second quarter and first half of 1992.

The Saskatoon-based company produced 900,412 tonnes during the second quarter and 1.97 million tonnes during the first half, compared with 1.2 million tonnes during the second quarter of 1991 and 2.5 million tonnes during the first half of 1991.

The company says it took additional inventory control shutdowns at its mines during the first half which reduced output. Potash Corp. draws output from five mines in Saskatchewan, four of which it owns and operates. Potash Corp. has the capacity to produce 9.2 million tonnes potash per year. More than half of its sales are exported offshore to agricultural and industrial customers.

Net income of $18.6 million (49 cents per share) was reported for the second quarter of 1992, compared with $15.7 million (41 cents per share) for the same period last year. Net income of $30 million (78 cents per share) was reported for the first half of 1992, compared with $28.1 million (73 cents per share) for the same period last year.