Ceres Global AG Corp. Announces Results For The Third Quarter Ended December 31, 2013
TORONTO, ON, (February 14, 2014) – Ceres Global Ag Corp. (“Ceres” or the “Corporation”) announces it has released its financial results for the three‐month and nine‐month periods ended December 31, 2013. The following are key highlights during the quarter:
- Riverland Ag’s results were consistent with expectations at this stage of the turnaround, but an abnormally large grain harvest in North America is expected to provide Riverland Ag with improved market conditions going forward;
- Stewart Southern Railway Inc. (“the SSR”) continued its strong operating performance with record grain and oil volumes during the quarter;
- Mass grading and general site preparation work continued at the proposed Northgate Commodities Logistics Centre (“NCLC”); and,
- Ceres sold off the bulk of its non‐core portfolio investments for proceeds of $3.2 million.
“While the results of the Ceres companies have performed to expectations during the early phases of this turnaround period, there is still substantial work to do to improve the utilization and profitability of the Riverland Ag assets, as well as grow the business opportunities at the SSR,” said Michael Detlefsen, President and CEO of Ceres. “However, the Board’s recent strong endorsement of the continued development of the NCLC site is expected to add incremental energy transload revenues and create a potential catalyst for improved growth and profitability of Riverland,” he added.