Ceres Global Ag Reports Financial Results For FY2016
TORONTO, ON, (September 22, 2016) – Ceres Global Ag Corp. (TSX: CRP) (“Ceres” or the “Corporation”) today announced its financial and operational results for the three- and 15-month periods ended June 30, 2016. All amounts are in Canadian currency unless otherwise noted.
“Despite the impact of a $11.7 million durum wheat loss and a backdrop of low commodity prices, we made considerable progress in FY2016 to ramp up our operations, better utilize our infrastructure and strengthen our relationships with farmers and buyers of grains and other commodities,” said Robert Day, President and Interim CEO of Ceres Global Ag. “Most notably, our performance in FY2016 was marked by the buildout of Northgate, the increase in the number of customers served and bushels handled, the growth in number rail cars loaded with grains, oilseed or propane, and the addition of Koch Fertilizer Canada as one of our strategic partners.”
Mr Day added, “We ended the year with a more diverse mix of products handled, a larger inventory of tradeable grains and a reduced exposure to risk than when we began FY2016. This progress positioned us to capitalize on the high demand for handling and storage services during the recent harvest season given the record output of grains, canola, and pulses. This record supply should also help to sustain increased trading activities across our network throughout FY2017.”