Cargill, a US-based agribusiness company, has reported a 41% drop in net earnings to $571m, for the first quarter of 2014 over stale performance in its global grain trading and processing business, affected by 2012 drought.
Net sales for the quarter ended 31 August were almost same as the year ago at $33.8bn.
Cargill chairman and CEO Greg Page said, "Cargill did an excellent job managing the remaining effects of last year's severe drought and smaller crops."
"Our agricultural supply chain and food ingredient businesses were focused on helping customers and the company to successfully manage their raw material purchases and inventories during the market uncertainty that precedes the transition to new crops in the northern hemisphere," Page added.
Cargill did not announce the details of the results at its various segments.
However, the company stated that its Origination & Processing segment was the largest contributor, while the Animal Nutrition & Protein unit earnings were backed by margins and improvements in beef processing operations.
Food Ingredients & Applications earnings decreased moderately from last year's first quarter, while Industrial & Financial Services were lower compared to the previous year.
