Lower nickel price hits Sherritt's earnings
Feb 27, 2013 | 04:22 PM
| Daniel Fitzgerald
Tags
Sherritt International,
earnings report,
nickel production,
nickel pricing,
Ambatovy,
Moa,
David Plathe,
Daniel Fitzgerald
NEW YORK — Sherritt International Corp. blamed poorer results last year on lower nickel prices caused by global production exceeding demand.
The Toronto-based company posted 2012 net income of Canadian $33.2 million ($32.45 million), down 83.2 percent from C$197.3 million the previous year, on revenue that fell 6.7 percent to C$1.84 billion ($1.8 billion).
Sherritt fell into the red in the fourth quarter, posting a net loss of C$17.3 million ($16.91 million) in contrast to net income of C$28.1 million in the same period a year earlier, on a 12.8-percent decline in revenue to C$467.9 million ($457.38 million). ....
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