PotashCorp Q3 profit down from year ago, sales up

Potash Corporation of Saskatchewan says it earned $53 million in its latest quarter, down from $81 million a year ago, as it works to close its merger with Agrium.

Chief executive Jochen Tilk said the Saskatoon-based company has obtained regulatory approvals in four jurisdictions with only the U.S. and China remaining.

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READ MORE: PotashCorp, Agrium receive approval in India for merger

Tilk said the company still expects to close the deal by the end of the year.

The company said the profit amounted to six cents per diluted share for the quarter ended Sept. 30 compared with a profit of 10 cents per share a year ago.

Sales in the quarter totalled $1.23 billion, up from $1.14 billion.

PotashCorp (TSX:POT) and Agrium (TSX:AGU) announced a deal to merge last year.