Potash Corp. reduces loss

It was a better year for Potash Corp. of Saskatchewan in 1987 but the Crown corporation still reported a loss of $20.7 million.

In what might be considered a turnaround year, the company’s loss represented an improvement of $82.7 million from the $103.4- million loss experienced in 1986.

Operating income in 1987 was $27.9 million, compared to an operating loss of $47 million the year before.

Interest and taxes in 1987 totalled $48.6 million, compared with $56.4 million in 1986.

The company claimed a net profit of $2.7 million for the last three quarters of 1987. To help reduce the company’s debt, the Saskatchewan government arranged an equity investment by the Crown Investments Corp. of Saskatchewan worth $662 million.

The company is the largest producer of potash in the non-Communist world.