PotashCorp’s profits are down, leading to the company cutting its quarterly dividend by 34 per cent.
On Friday, the company revealed that profits for the fourth-quarter of 2015 were $201 million, down from $407 million in 2014. A release from PotashCorp said the decrease was due primarily to low volumes and nitrogen prices.
“Weaker fertilizer prices late in the year reduced our earnings for the quarter, giving rise to a more cautious outlook for all three nutrients as we begin 2016,” said president and CEO Jochen Tilk said in the release.
The news comes shortly after PotashCorp suspended operations of its Picadilly, N.B. operation indefinitely.