Archer Daniels Midland has booked a drop in first-quarter profits as higher costs hit the bottom line.

In a regulatory filing released after the markets closed yesterday (1 May), ADM said that net profit attributable to ADM shareholders fell to US$269m, down from $399m last year. First-quarter PBT dropped to $375m from $568m. The bottom line was hit by higher SG&A expenses and higher cost of goods sold.

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During the quarter, sales rose to $21.7bn from $21.1bn in the first quarter of last year.

ADM said that its performance was “as expected” as operations felt the impact of last year’s poor grain harvest, due to the drought in the US.

In a separate announcement, the group said it is pushing ahead with its A$3.4bn takeover bid for Australian commodities group GrainCorp, having completed due diligence.

Click here to access ADM’s Q1 filing.

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