US: Cargill profits dip for nine-month period
By: just-food.com | 13 April 2010
Agribusiness and food giant Cargill today (13 April) booked a fall in earnings for the first nine months of its fiscal year.
For the period ended 28 February, Cargill earned US$1.91bn compared to last year’s $3bn.
However, in Cargill's third quarter, net earnings reached $898m, compared with $326m a year ago.
“The growth in Cargill’s third-quarter earnings was broad based, with all five of our business segments posting improved results from a year ago,” said Greg Page, Cargill chairman and CEO. “Because of the connections across our diverse portfolio of businesses, we were able to benefit from the faster pace of economic recovery occurring in emerging markets.”
Among Cargill’s five segments, earnings in agriculture services were lifted by the late, large North American harvest, the firm said.
Origination and processing results jumped ahead of last year, as the company’s commodity trading and processing operations benefited from the pickup in economic activity.
Food ingredients and applications results were improved from the recessionary conditions that negatively affected last year’s third quarter, Cargill said.
Page said Cargill continues to invest in the profitable growth of the company.
The firm opened a major expansion of its corn processing plant in Uberlândia, Brazil during the period. The facility produces an array of corn starches, sweeteners and other corn-based products for food, industrial and pharmaceutical customers in Brazil and across Latin America.
Sectors: Commodities & ingredients, Financials
Companies: Cargill
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