Archer Daniels Midland saw its profits slide in the first quarter of its financial year as the US drought hit corn supplies.
In the three months ended 30 September, earnings amounted to US$182m from $460m last year, the firm reported today (30 October). EBIT slumped to $295m from $660m.
Net sales fell to $21.8m versus $21.9m last year.
"Our first-quarter segment results were mixed," said ADM chairman and CEO Patricia Woertz. "Oilseeds performance was strong, the ethanol industry experienced sustained negative margins, and agricultural services managed well through a complicated quarter, challenged by the drought."
Source:
http://www.just-food.com/news/tight-corn-supplies-hit-adm-q1_id120992.aspx
