Thu Apr 25, 2013 6:39am EDT
* First-qtr EPS $0.63 vs $0.56 year earlier
* Sales volumes rise 78 percent
April 25 (Reuters) - Potash Corporation of Saskatchewan , the world's largest producer of the crop nutrient by capacity, reported a 13 percent rise in first-quarter profit on strong shipments, and said demand will remain robust for the rest of the year.
The company's net profit rose to $556 million, or 63 cents per share, from $491 million, or 56 cents per share, a year earlier.
The Saskatoon, Saskatchewan-based company said sales volumes increased 78 percent in the quarter from a year earlier.
"We had significant growth in our potash performance as global buyers returned to the market in earnest after taking a brief pause late in 2012," Chief Executive Bill Doyle said.
The company said domestic shipments from North American potash producers rose 56 percent.
Potash is a key fertilizer ingredient that farmers use to maximize yields.
With China's early settlement of potash supply contracts and strong demand in Brazil, shipments accelerated during the quarter, the company said.
Canpotex Ltd, the off-shore sales agency for Potash Corp, Mosaic Co and Agrium Inc, signed potash supply contracts with China on Dec. 31 and with India in early February, giving a lift to overseas sales after lengthy holdouts last year.
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