Intrepid Potash first-quarter profit climbs
(Adds dateline, details on results, background)
NEW YORK, June 2 (Reuters) - Intrepid Potash Inc (IPI.N), which went public in April with a successful stock offering, said on Monday that first-quarter net income rose as prices for its crop nutrients increased sharply.
Net income rose to $33.1 million from $6.4 million a year earlier.
On a pro forma basis, earnings increased to 27 cents a share from 5 cents.
The company's shares rose 50 percent when they made their market debut on April 22. The IPO benefited from high prices for potash and other fertilizers as a result of rising demand for grain across the globe because of growing needs of developing economies and the increasing use of biofuels.
Shares of North American fertilizer producers have risen dramatically in the last 12 months -- and companies with sizable potash assets have been among the biggest winners in the sector.
Earlier this month, Chinese importers agreed to pay North American and Russian potash exporters more than triple the price they paid a year ago for the agricultural nutrient.
Intrepid Potash expects to produce 870,000 to 890,000 short tons of potash in 2008, at a production cost of $140 to $150 each. (Reporting by Euan Rocha; Editing by Lisa Von Ahn)
