Kassel, Germany-K+S Group reports that a five-fold increase in earnings in its salt business offset results from its fertilizer commodities during the first quarter ending March 31, 2009. Salt operating earnings were up 445.6 percent, to E80.2 million on sales of E338.3 million, versus the year-ago E14.7 and E170.3 million. K+S reported group earnings after taxes of E107.3 million (E.74 per share) on sales of E1.07 billion, versus the year-ago E84.8 million (E.99 per share) and E1.2 billion. First-quarter nitrogen earnings were off 81 percent, to E8.1 million on sales of E342.1 million versus the year-ago E42.6 million and E488.4 million. Potash earnings were off 43.2 percent, to E97 million on sales of E366 million, compared to the year-ago E170.9 and E522.5 million. K+S expects its potash business to have a tangibly higher average price in 2009 versus last year, though lower sales are expected. It expects nitrogen results to continue to be down with weak prices; however, the significantly higher revenues are expected to continue for salt.
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