Migao Corp. (TSE:MGO), a Chinese potash producer, fell in midday trading after posting a loss in its fiscal fourth-quarter as demand for the plant fertilizer dropped.
Shares slumped 2.7 percent to C$1.42 at 1:19 p.m., paring this year's gain to 39 percent.
Net loss was $22.6 million, or 43 cents per share, for the quarter ended March 31, little changed from a net loss of $22.3 million, or 43 cents per share, in the same quarter last year, the Toronto-based company said in a statement today.
Revenue increased to $233.9 million from $188.8 million, helped by increased sales including products such as potassium sulphate and potassium chloride.
Migao said the higher sales came despite lower average selling prices except for potassium sulphate, which was sold at a price level comparable with a year ago.
Migao said it took a $15.7 million impairment charge related to the production assets of Migao's Chinese operating subsidiaries for the year ended March 31, 2014. The impact of this impairment charge was loss of $0.30 per basic share.