September 11, 2008
Viterra doubles year-to-date earnings, opens Singapore office
A strong global agriculture sector and robust commodity prices drove record high agri-product sales for Viterra in the three months ended July 31.
Viterra announced on Sept. 10 that its third quarter net earnings rose 69 percent to CAN$166.7 million from CAN$98.5 million during the same period in 2007.
For the nine months ended July 31, net earnings more than doubled, growing 108 percent to CAN$241.5 million from CAN$115.7 million.
CEO and president Mayo Schmidt said the companies continue to realize the synergies from the Agricore United acquisition ahead of schedule and have created a stable and diverse platform to tap further acquisitions and market opportunities.
Consolidated sales and other operating revenues rose to CAN$2.2 billion for the third quarter, up from CAN$1.4 billion in same period last year. On a year-to-date basis, consolidated sales and other operating revenues were CAN$5.1 billion, more than twice the C$2.2 billion reported for the nine months ended July 31, 2007.
Viterraalso announced on Sept. 9 that it has opened a new office in Singapore that will serve as the company''s Asian headquarters to manage trading activity in the region.
The office also will pursue opportunities and relationships to extend Viterra''s pipeline in Asia.
Schmidt added the company''s increased presence in Asia will benefit farmers, given the region''s importance as a market for Canadian crops.
The office is headed by Stephen Yu, vice-president and managing director Asia, and is part of Viterra''s International Grain Division. Yu has an extensive background in the market development of grain and oilseeds. Prior to joining Viterra in July 2008, he served as corporate vice-president and managing director of the Asia Pacific with Archer Daniels Midland.