Monsanto profit up fourfold
10 February 2000
Monsanto profit up fourfold
By FWi staff
LIFE-SCIENCE giant Monsanto has announced that its last-quarter profits have more than quadrupled compared to the same period the previous year.
The company, which recently agreed to merge with drug company Pharmacia & Upjohn, said last-quarter profits from operations stand at US$115 million, compared to $27m a year ago.
Top-selling pesticide Roundup also accounts for a large share of Monsanto sales, although the fourth quarter is historically a slow time for the US agriculture market.
Most US farmers buy their seeds and chemicals in the first and second quarters.
The companys shares have dropped 6% over the last year, but risen 6% in the past six months.
Monsantos work producing genetically modified crops has made it a high-profile target for environmental campaigners in recent years.
Up to 20% of Monsantos agricultural unit will be sold once the company merges with Pharmacia & Upjohn
This is widely seen as a move by the new company to distance itself from the controversy surrounding GM technology.
- Monsanto tries to stop share slide, FWi, 23 December, 1999
- Merger deal is bad for Monsanto, FWi, 21 December, 1999
- Monsanto to sell GM business, FWi, 20 December, 1999