Cargill, the world's largest agricultural commodities trader, notched up a 68% year-on-year rise in net profits in the first quarter ended August 31st on the back of strong demand for grain.
The Minnesota-based company said buoyant growth in its trading and processing segments bolstered profits. Revenues in the quarter were $27.8 billion.
"Our results were led by the food ingredients and the commodity trading and processing segments, both of which experienced resurgence in volatility across agricultural commodity markets, said Greg Page, chief executive, in a statement.
Its 64% stake in Mosaic, the fertiliser company whose earnings in the same quarter nearly tripled from a year ago to $297.7 million, strengthened Cargill's profits.
Despite the strong first quarter results, earnings for the year ending 31 May 2010 dropped to $2.6 billion from $3.3 billion in 2009. (Continue reading here)
Cargill was founded in 1865 by William Wallace Cargill. The company employs 131,000 people across 66 countries and is still privately owned by the founding family.
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