Fert revenues off 23 percent at Sherritt in 2006

Toronto-Fertilizer revenues were off 23 percent for Sherritt International Corp. for the year ending Dec. 31, 2006, at C$47.9 million from 2005’s $61.9 million. Volumes were off 21 percent at 151,140 mt, down from 191,732 mt. Operating losses for the fertilizer business were $800,000 versus the year-ago loss of $700,000. Sherritt said volumes were down as it had less granular ammonium sulfate to sell in the spring of 2006 due to a fall 2005 shutdown to replace a granulation dryer. The company also cited a sales downturn in the fourth quarter due to early snowfall in Western Canada. Company-wide, Sherritt reported a 98 percent increase in net earnings due to higher commodity prices, particularly nickel. Net earnings were $245.6 million on sales of $1.1 billion, versus 2005’s $124.3 million and $1 billion.