US agribusiness company Cargill Inc posted a sharply higher quarterly profit on Tuesday, driven by increased earnings from operations and a decline in income tax-related expenses.
Minneapolis-based Cargill, a private company, said it
earned $628 million in the fiscal fourth quarter ended May 31, up from $358
million a year earlier. Cargill said earnings at each of its five units rose
during the quarter. The risk management and financial, industrial, and food
ingredients and applications businesses were the largest contributors to
earnings, the company said.
The results marked the last quarter with
Warren Staley as chief executive. Gregory Page took over as CEO on June 1 and
Staley plans to retire as chairman on Sept. 11. Cargill invested in its food
ingredient and supply operations during fiscal 2007. Steps included buying LNB
International Feed, a European animal nutrition company, adding oilseed
processing and refining capacity and corn sweetener capacity in China and
expanding oilseed processing capacity in Argentina.
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