Cresud, the Argentina-based agricultural group, has seen rising grain prices boost half-year profits.
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The company booked operating income of ARP22.4m (US$7.1m) for the six months to 31 December, compared to a loss of just over ARP381,400 a year earlier.
Sales more than doubled from ARP4m to ARP8.3m in a business climate Cresud described as “very favourable”.
“The demand for agricultural commodities continues to rise, despite the risk of economic slowdown of the world’s main economies,” Cresud said. “As a result, soybean and corn prices have increased more than 25% in the last three months and the land set aside for rising crops keeps growing.”
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