Viterra blames loss on writedown, timing

CP

Viterra Inc. lost $33-million in its first quarter but the agricultural conglomerate blames this on a $28.1-million writedown of its fertilizer stockpiles and on "timing issues," and predicts the rest of the year will be bright. Chief executive officer Mayo Schmidt also said yesterday that "consolidation opportunities are very ripe" as he looks for acquisitions abroad. Viterra said sales were $1.38-billion in the quarter ended Jan. 31, up 4.9 per cent from $1.32-billion a year earlier, with increases in its agricultural products, food processing, livestock feed and financial-services segments. But grain shipments sagged almost 10 per cent from a year ago. The quarterly totalled 14 cents a share, down from a year-earlier profit of $41.2-million, or 20 cents a share. VT (TSX) fell 5¢ to $9.25.