April 13, 2006

Cargill takes in profits of US$1.37 billion for first three quarters

Agricultural giant Cargill Inc said Tuesday (Apr 11) that its third-quarter profit rose 1.1 percent, led by grain processing and global poultry sales.

The company sales in its poultry unit had been stable despite bird flu in other parts of the world. 

Net income reached US$370 million for the three months ended Feb 28, from US$366 million a year earlier.

Profit from continuing operations for the first three quarters totaled US$1.37 billion, up from US$1.27 billion in the year-earlier period.

Cargill's operations include corn, soybean, wheat and cocoa processing and production of corn-based sweeteners, as well as beef and turkey processing.

A Cargill spokeswoman, Lisa Clemens, said growing demand for ethanol aided earnings. Cargill is increasing its ethanol capacity to 230 million gallons by expanding capacity at a plant in Nebraska and joining in a venture to produce ethanol in two other states.