Kassel, Germany-K+S Group reported a 98 percent drop in third-quarter operating earnings, to E9.4 million compared to the year-ago E502.2 million. Revenues were off 52 percent, to E698.1 million. The company cited significant revenue decreases in the potash and nitrogen fertilizer sectors. For nitrogen, the company reported higher raw material costs for complex fertilizers, as well as inventory write-downs. Citing low potash soil content and two very large harvests, as well as low fertilizer inventories, K+S expects a big turnaround in sales volumes in 2010, particularly for potash. Wire reports late in the week cited analysts as saying K+S may need to sell shares in order to shore up its finances.
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