Highlights of Saskatchewan Wheat Pool’s second quarter:
- Grain volumes at primary elevators were slightly more than two million tonnes, up from 1.8 million in the second quarter of last year.
- Terminal handlings were 1.7 million tonnes, ahead of last year’s 1.4 million. However that increase came mainly at Prince Rupert, B.C., where revenues are shared by a number of partners including the pool, rather than at the company’s wholly-owned terminals at Vancouver and Thunder Bay.
- The grain handling and marketing operations generated earnings of $10.7 million, up from $4.8 million in the second quarter last year. (All references to earnings reflect earnings before interest, securitization, depreciation and taxes, or EBITDA.)
- Food processing generated $6.3 million in earnings, down from $14.1 million last year. The drop reflects the pool’s $3 million share of a restructuring charge incurred by Fletcher’s Fine Foods, in which it has a 44 percent ownership stake, and lower margins for Prairie Malt and CanAmera Foods.
- Cattle volumes and hog production increased during the quarter, producing an earning of $3.6 million versus $900,000 last year in livestock operations. The company expects strong earnings will continue for the rest of the fiscal year.
- Sales of farm input products totaled $58.9 million during the quarter, down from $69.4 million a year ago. Earnings dipped to $580,000 from $8.2 million last year, reflecting reduced contributions from Western Co-operative Fertilizer Ltd. and lower retail sales.
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