US agribusiness giant Archer Daniels Midland has reported a 39% rise in quarterly profit, helped by strong growth at its wheat processing business.
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The company, which processes corn, soybeans, wheat and cocoa, reported net income of US$150.2m, or 23 cents a share, for the first quarter to 30 September, compared with $108.1m, or 17 cents a share, a year earlier.
Sales increased 19% to $8.27bn from $6.94bn in the year-ago period.
ADM’s wheat processing unit posted a 30% rise in operating profit to $25.8m, helped by increased volumes and production yields, reported Dow Jones News.
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