06 August 2013 13:09 [Source: ICIS news]
HOUSTON (ICIS)--Archer Daniels Midland (ADM) on Tuesday reported a 21% decline in second-quarter net income to $223m (€167m), mainly because of an inventory charge and foreign currency hedging losses related to its acquisition of Australia’s GrainCorp.
In addition, the US-based agribusiness group recorded a provision for a settlement with US government agencies “pertaining to potential violations of anti-corruption practices,” it said.
However, underlying segment operating profit rose 19% year on year to $647m, driven by a $149m increase in the corn processing segment, which benefited from improved ethanol results.
ADM’s sales for the three months ended 30 June were $22.5bn, compared with $22.7bn in the same period a year earlier.
“The team managed well through this period, as tight US crop supplies reduced volumes,” said ADM CEO Patricia Woertz.
"Also, corn results improved amid volatile ethanol industry conditions,” she added.
($1 = €0.75)
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