US food giant Cargill today (18 August) insisted it had seen the second-best year in its history despite seeing a slump in fourth-quarter earnings.
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The group’s net income tumbled by 69% to US$1.05bn during the three months to the end of May, driving down annual profits by 16% to $3.33bn. Annual sales fell 3% to $116.6bn.
Chairman and CEO Greg Page said the last 12 months had been “a tale of two halves”.
He said: “Cargill posted record results through November. In the second half, earnings slowed considerably as the world economy contracted for the first time in six decades.”
However, he added: “In the end, the net effect was the second-best year in our company’s history.”
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By GlobalDataCargill said earnings from food ingredients and applications, as well as agriculture services, rose during the fourth quarter thanks to cost cuts and moves to develop more “value-adding” products. The divisions, however, posted lower profits for the full year.
