US-based agribusiness giant Archer Daniels Midland (ADM) has booked an increase in full-year profits.
For the year to the end of June, net profits rose to $1.93bn from $1.68bn in the prior year due to a $ 591m pre-tax increase in segment operating profit.
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ADM said the increase in operating profit was partially offset by higher corporate costs and a $111m increase in income tax expense.
Segment operating profit reached $3.24bn from $2.45bn. Total net sales dropped to $61.68bn from $69.21bn.
“The ADM team finished strong, capping a very good year with very good fourth-quarter performance,” said chairman of the board and CEO Patricia Woertz. “As we begin our new fiscal year, our large projects are nearly finished, and we commit to use our strong balance sheet and cash flow to deliver shareholder value.”
In the fourth quarter, net earnings increased to $446m compared to $58m, and segment operating profit increased to $799m from $208m.
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By GlobalDataTotal net sales in the quarter however, dropped to $15.7bn from $16.53bn in the prior-year period.
