US Monsanto net loss deepens in fourth quarter

07 October 2009 14:53  [Source: ICIS news]

Agro major Monsanto loss deepensHOUSTON (ICIS news)--US agrochemicals and biotechnology major Monsanto reported a fourth-quarter net loss of $233m (€158m), compared with a loss of $172m in the same quarter last year, the company said on Wednesday.

A sales decrease for flagship Roundup herbicide, and other glyphosate-based herbicides as a result of pricing competition and a global glyphosate supply and demand imbalance were noted as factors in the decline, Monsanto said.

The company also cited charges related to restructuring and the sale of its sunflower operations.

Net sales for the quarter ended 31 August were $1.9bn, down 8.3% from the 2008 fourth quarter.

For the full fiscal year ended 31 August, Monsanto’s net sales rose 3% to $11.7bn and net income was $2.1bn, up slightly from $2.0bn a year earlier.

Record full year net sales were driven by higher worldwide corn and soybean seed and traits revenue in the US, higher cotton seed and traits revenue in India, and increased acres in Australia.

Overall, seed and traits revenue made up more than 65% of gross profit, which was 17% higher than in fiscal 2008, the company said.

Seeds and traits, which was targeted to account for 85% of company business in 2012, was expected to cross the $5bn gross profit mark for the first time in 2010, the company said

($1 = €0.68)

Additional reporting by Stefan Baumgarten

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