Cargill detects floor in results
US agribusiness giant Cargill believes it has reached the bottom of the economic cycle and could be set for a rebound.
The company said it made a profit of $295m in the six months to the end of November with $145m coming in the second quarter.
These results compare with an operating deficit, before asset sale gains, in the first half of the previous year.
Cargill said the latest results were driven by a good performance in the beef processing business, as well as poultry processing, animal nutrition, cocoa, energy and sugar trading.
It acknowledged that grains and oilseed markets remained difficult.
Rival Archer Daniels Midland also showed signs of staging a recovery. It reported profits up 15% to $109.9m in the second quarter to the end of December.
- Cargill to make plastic from plants, FWi, 12 January 2000
- Cargill earnings down by 55%, FWi, 12 August 1999
- Financial Times 19/01/2000 page 38