Canada's largest grain handler Viterra Inc
(ASX:VTA) has reported its biggest first quarter earnings, posting EBITDA of $221 million, compared to $90 million the same time a year before.
The agribusiness says the results were driven by its Australian operations. South Australia harvested a record crop during the quarter, contributing $116 million to EBITDA.
The first quarter result has also been attributed to strong quarterly fertilizer pricing and sales in North America, in addition to contributions from the pasta and oat processing business that Viterra acquired at the end of the 2010 financial year.
Looking ahead, the South Australian harvest production has been estimated at 9.8 million tonnes in 2011, exceeding the previous record of 8.9 million tonnes and representing a 38 per cent increase over last year’s production.
Viterra posted a $145.6 million net profit for the year to 31 October 2010.
