Skip to main content

The Globe and Mail

Lower commodity prices push Sherritt revenue, profit lower

Sherritt chairman Ian Delaney addresses shareholders in Toronto in this file photo.


Sherritt International Corp. posted a lower first-quarter profit and a 20-per-cent decline in revenue from the same time last year, as the company felt the impact of lower commodity prices.

The mining and energy company had $23.1-million of net earnings, or eight cents per share, down from $32.4-million or 11 cents per share in the year-earlier quarter.

It said the profit was due to lower prices for nickel, cobalt, coal and oil due to reduced demand for those commodities. The average price it received from electricity sales in Cuba was up one per cent due to currency fluctuations.

Story continues below advertisement

Revenue was $286.5-million, down from $359.4-million, while operating cash flow was cut by half to $48-million from $100.4-million in the first quarter of 2012.

However, Sherritt's spending on capital and intangibles related to operations rose to $51.6-million from $40.9-million in the first quarter of 2012.

Sherritt produces nickel from operations in Canada, Cuba, Indonesia and Madagascar, an island off the east coast of Africa.

The company is also the largest producer of thermal coal in Canada and the largest independent energy producer in Cuba, with extensive oil and power operations across the island.

Report an error

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨

Combined Shape Created with Sketch.

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at