Sherritt profit falls to $55.9 million as revenue drops

By The Canadian Press

TORONTO - Sherritt International Corp. (TSX: S.TO) net income fell to $55.9 million in the third quarter, down 58 per cent from the same time last year, the diversified resource company announced Wednesday.

The profit amounted to 19 cents per share in the third quarter, down from $133.1 million or 45 cents per share a year earlier. Sherritt's revenue fell to $389.6 million from $478.3 million in the third quarter of 2008.

The Toronto-headquartered company is active in a number of resource-oriented businesses, including nickel, coal and oil and gas production in several countries including Canada and Cuba.

Its biggest current project is the Ambatovy nickel project in Madagascar.

As of the end of September, Sherritt's long-term debt was $3.4 billion, of which about $2.1 billion was related to to the Ambatovy project.