US-based agribusiness giant Archer Daniels Midland (ADM) has recorded a drop in half-year net earnings, hurt by a US$554m pre-tax change in inventory valuations.
Net earnings attributable to ADM for the six-months ended 31 December dropped to $1.06bn.
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Net sales fell 18% to $30.83bn but were offset by increased sales volumes and the impact of foreign exchange translation.
“I’m very pleased with the performance of our people and with our results this quarter,” said chairman of the board and CEO Patricia Woertz. “While our earnings, in total, were comparable to last year’s strong second quarter, the market conditions and the mix of earnings were markedly different. This, once again, demonstrates the ability of the ADM team to utilize the geographic scope and diversity of our asset base to create value for our stockholders.”
For the second quarter, net earnings attributable to ADM decreased $11m to $567m, while net sales dropped 5% to $15.9bn.
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