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.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.