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Viterra raises dividend as profit slides

A Viterra grain elevator near Regina.

TROY FLEECE/THE CANADIAN PRESS/TROY FLEECE/THE CANADIAN PRESS

Grain handler Viterra Inc. reported lower profits, weighed down by one-time costs, but the company raised its semi-annual dividend by 50 per cent.

Revenue for the fourth quarter rose 57 per cent to $3.1-billion, buoyed primarily by higher commodity prices.

Earnings fell to $9-million or 3 cents a share, compared with $53-million or 14 cents in the same quarter a year ago.

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Viterra recorded an $8-million goodwill impairment charge for its Western Canadian feed operations. EBITDA for the quarter was $111-million, down from $138-million last year, hit by increased operating costs at its grain handling facilities.

The company also raised its semi-annual dividend by 50 per cent to 15 cents.

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