Agribusiness giant Archer Daniels Midland (ADM) posted net earnings for the second quarter ended 31 December of US$131.2m, or 20 cents a share, compared with $150.0m, or 23 cents a share, in the year-ago period.

The company said its operating profit decreased to $297m from $341m for the quarter resulting primarily from lower North American oilseed crush margins.

Sales and other operating income rose 43% to $7.81bn.

ADM said the declines were partially offset by improved profits in international oilseed processing, increased corn processing results due to improved ethanol demand and stronger results in cocoa and bioproducts operations.