TORONTO – Migao Corp. lost $22.6 million in its fourth-quarter as the Chinese potash fertilizer producer booked higher sales on generally lower prices.
The company (TSX:MGO) said Monday the loss amounted to 43 cents per share for the quarter ended March 31 compared with a loss of $22.3 million, or 43 cents per share, in the same quarter of 2013.
Revenue in the quarter totalled $233.9 million compared with $188.8 million for the quarter ended March 31, 2013, helped by increased sales including products such as potassium sulphate and potassium chloride.
But Migao said the higher sales came despite lower average selling prices except for potassium sulphate, which was sold at a price level comparable with a year ago.
For its 2014 financial year, Migao had a loss of $58.2 million, $1.11 per share, compared with a loss of $38.8 million, or 74 cents per share, a year earlier.
Revenues were $369.3 million for the full year, up 29.9 per cent or $85 million from the $284.3 million for the year ended March 31, 2013.