02 August 2011 14:58 [Source: ICIS news]
HOUSTON (ICIS)--Archer Daniels Midland's (ADM) fiscal fourth-quarter net earnings fell 14.6% year on year to $381m (€267m), mainly because of higher income tax expenses, the US-based agribusiness group said on Tuesday.
However, ADM’s segment operating profit for the three months ended 30 June rose 11.1% year on year to $888m.
ADM's oilseeds processing profit increased 5.6% year on year to $379m on a strong performance in North American crushing operations, and “despite a weak global margin environment,” the company said.
Corn processing profit for the quarter fell 15.7% to $118m because of significantly higher net corn costs, ADM said.
“Despite a challenging environment in several key markets, ADM delivered solid operating results across all our businesses for the quarter,” said CEO Patricia Woertz.
For the full fiscal year ended 30 June, ADM reported net earnings of $2.04bn, up 5% year on year, and segment operating profit of $4.02bn, up 24% year on year.
As for current market conditions, ADM said that US corn and soybean supplies are tight.
($1 = €0.70)
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