Cargill revealed yesterday (16 January) that its second quarter earnings increased by 34%, rising to US$662m on strong results from selling and shipping commodities and its financial trading unit.
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Cargill posted profits of $1.16bn for the six months to 30 November, up 16% from the previous year’s first half.
Cargill said the increase was driven by a strong performance at its risk management and financial division and its origination and processing unit, which buys and ships commodities.
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“Similar to the first quarter, we experienced fast-changing markets in the second period, brought about by the interest in biofuels, investor flows into commodity futures and other markets offering diversification, and expansionary economies in many parts of the world,” said chairman and chief executive Warren Staley.
The company said its food ingredients and applications business posted a “modest” increase from a year ago. Performance of its agriculture services unit slipped during the quarter.
