Viterra reports best performance ever

The Prairie-based grain company Viterra posted record-breaking earnings Tuesday.

Viterra, the name given the company in 2007 after a bold takeover move that saw the Alberta and Manitoba assets of Agricore acquired by the smaller Saskatchewan Wheat Pool, reported net income for 2008 of $288.3 million, up sharply from $116.5 million for the same period of the previous year.

Viterra's numbers were published late Tuesday and relate to a new fiscal year-end of Oct. 31, 2008.

In a prepared statement issued out of the company's Regina office, Mayo Schmidt, the president and chief executive of Viterra, credited the results to "operational excellence" and "integration."

The company reported improved earnings across most elements of its business, including its grain-handling division and the sale of agriculture-related products such as fertilizer.

Schmidt said the company plans to focus on growth and diversifying its business in 2009.

"We have reviewed a number of acquisitions," Schmidt said. "But we also understand the value of being patient. We are identifying businesses with quality assets, strong management teams and complementary market positions, but they must be available at the right price."