Sherritt Profits, Revenue Weaken
Sherritt International Corporation, which has substantial operations in Fort Saskatchewan, reported weaker revenue and profits last week.
Net earnings were down just over $19 million in their most recent quarter, compared to the second quarter of 2011.
Revenue company-wide was also slightly lower, with total revenue of $487.9 million in the company’s most recent quarter, compared to $500.6 million last year.
The company indicated that lower revenue was primarily due to lower nickel prices, and lower sales volume on their export thermal coal sales.
In sum, the company sold 9.9 million pounds of finished nickel, 1.1 million pounds of finished cobalt, 7.8 million tonnes of thermal coal, 1.1 million barrels of oil and 157 Gigawatt hours of electricity.
Sherritt remains the largest coal producer in Canada, and the largest independent energy producer in Cuba, with a range of oil and power operations throughout that country.