Cargill’s profit for the third quarter declined 28% because of price increases in U.S. power markets during the extremely cold winter and China’s rejection of shipments of corn grown in the U.S. with an unapproved genetically modified trait,
the
Financial Times
reported.
Net profit dropped to $319 million in the third quarter, which ended in February. The figure was $445 million in the same period a year earlier. That is the weakest performance in more than two years, the
FT
article said. Cargill’s third-quarter revenues were $32 billion, about the same as in the previous year, the article said.
David MacLennan became Cargill’s CEO in December. The results are a setback for his plans to expand the company’s presence in physical energy markets, the
FT
report said.
Family-owned Cargill is among the U.S.’s largest privately held businesses. (Source:
Financial Times,
April 8, 2014.)
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