K+S Group reported that first-quarter operating earnings (EBIT I) fell by 31 percent to €218 million and revenues were down 20 percent to €1.1 billion. EBIT I in the Potash and Magnesium Products business unit was down 44 percent to €102 million due to lower sales volumes and a lower average price, particularly for KCl in the overseas regions. The company said the Legacy project in Saskatchewan is on track for commissioning as scheduled this summer.
“As expected, revenues and earnings were significantly below the previous year’s levels due to the prevailing weakness in the potash market,” said Norbert Steiner, K+S chairman. “Thanks to our two-pillar strategy and our broad product portfolio, we have still been able to perform well compared with the competition. The medium and long-term growth trends in our business are continuing and we are consistently gearing all measures towards our management agenda. K+S remains a company with very good prospects.”