Agricultural commodities group Cargill has booked a 300% jump in first-quarter profit, which was boosted by higher demand for its services due to a drop in yields resulting from poor weather, particularly in the US.
The company said yesterday (11 October) that earnings rose to US$975m in the three months to the end of August, up from $236m in the year-ago quarter.
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Cargill said that it is “tapping the full resources” available to it in order to offset the impact of the US drought and poor weather conditions in other grain growing areas such as the Russian black belt. The company said that it is finding “alternative” supplies for customers who are being hit by the resulting shortfall in grain availability.
“Now more than ever Cargill is using our knowledge and market insight to help customers manage in this time of tighter supplies, higher prices and more volatile markets,” Gregory Page, chief executive, said.
First-quarter revenues were $33.8bn, compared with $34.6bn in the year-ago period.
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