Agribusiness giant Archer Daniels Midland has reported a sharp rise in earnings for the year ended 30 June 2005, despite slightly lower revenue.
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Net earnings increased to $1.044bn compared to $ 495m last year. Revenue came to $35.944bn, compared with $36.151bn last year.
For the final quarter, net income came to $195m, compared with a loss of $103m last year. Revenue in the quarter was $9.424bn, compared with $9.686bn last year.
“This fiscal year, ADM delivered record earnings generating double-digit returns on shareholder’s equity,” said chairman and CEO G. Allen Andreas. “Our diverse network of businesses is positioned to meet the global needs of our customers and to provide solid returns on invested capital.”
Last year’s results included a $ 400m ($252m after tax) fourth quarter charge related to a fructose litigation settlement.
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By GlobalDataOilseeds processing operating profit increased on improved results in Europe, South America and Asia, the company said. In corn processing operating profit decreased principally due to reduced lysine selling prices and higher energy costs.
Agricultural Services operating profit increased due to improved grain operations and transportation results and other segment operating profit increased from improved food and feed ingredients and financial results.
