February 2, 2007

ADM Q2 profit rises 20 percent on higher ethanol, corn syrup prices

Archer Daniels Midland, the world's largest grain processor reported a rise in Q2 profit by 20 percent on higher prices for the ethanol and sweeteners it produces from corn.

Ethanol has been a boon to ADM's fortunes.

The company's net income rose to US$441.3 million, or 67 cents a share in the three months ended Dec 31, a company statement said.

Shares of ADM rose 52 cents, or 1.7 percent, to US$32 in New York Stock Exchange composite trading. The stock has fallen 31 percent since reaching a record US$46.71 on May 11.