Wednesday, Sherritt International Corp. (S.TO), a diversified resource company, said second quarter profit dropped 39% from last year, despite a 9% increase in revenues. Sherritt said though Oil and Gas operations performed well in the quarter, results were more than offset by the combined impact of lower realized nickel prices and lower finished metals.
The Toronto, Canada-based company said net earnings dropped to C$80.3 million or C$0.28 per share from C$132.4 million or C$0.72 per share reported last year.
Revenue for the quarter declined to C$441.2 million from C$405.4 million reported in the same period last year.
Revenue from Metals dropped 35% to C$177.7 million, while the Coal segment generated C$124.5 million, up more than five times from last year. Oil and Gas revenues rose 34% to C$104.5 million and the Power segment generated C$30.3 million for the second quarter of 2008, up 7% from the year-ago period.
There were 286.6 million shares outstanding in the second quarter of 2008, compared to 184.5 million in the prior year.
Year-to-date, net earnings dropped to C$169.3 million or C$ 0.65 per share from C$221.5 million or C$1.24 per share in the previous year. Revenues improved to C$755.4 million from C$715.5 million in the first half of 2007.
S.TO is currently trading on the Toronto Stock Exchange at C$11.09, down C$0.21 or 1.86%, on 637,215 shares.
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