US corn refiner and food ingredient firm Corn Products International has reported rises in sales for the second quarter and first half ended 30 June 2005, but income was down.
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Net sales for the second quarter were $596.2m, compared with $572.0m in the same period last year. Net sales for the first half were $1.163bn, compared with $1.122bn last year.
Net income for the second quarter was $26.5m, compared with $29.5m in the year earlier period. Net income for the first half was $43.0m, compared with $55.2m last year.
“Our Company rebounded from a difficult start in 2005 to post stronger results for the second quarter,” said Sam Scott, chairman, president and chief executive officer of Corn Products International. “Volumes increased by more than 3% over the same period in 2004. Margins and operating income — although lower than the same period last year — showed marked improvement over this year’s first quarter.”
“Our second-quarter results represent a significant turnaround from the first quarter,” said Sam Scott. “Looking forward, we anticipate a stronger second half of 2005, during which we expect the business to continue to grow and our earnings to continue to improve.”
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