Cargill reports 6 pct drop in quarterly profit

Global commodities trader Cargill Inc on Wednesday reported a 6 percent drop in its quarterly profit, hurt by lower poultry sales and a weak environment for grains.

Cargill and its rivals Archer Daniels Midland Co, Bunge Ltd and Louis Dreyfus Co - known as the ABCD of global grain trading giants - have been trying to diversify their operations, as a global glut have brought down grain prices.

Cargill announced investments of about $1 billion during the second quarter, including acquisitions, joint ventures and investments in facilities.

The privately held company said net income fell to $924 million in the quarter ended Nov. 30 from $986 million, a year earlier.

Excluding one-time items, Cargill reported a quarterly net income of $948 million, down from $1.03 billion a year earlier.

Revenue rose 8 percent to $29.2 billion, helped by a rise in sales of Cocoa, chocolate and other food ingredients.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)