Drought hits Cargill results
US agribusiness giant Cargill has reported further earnings progress in the second quarter and first half of the 2013 financial year thanks to cost-cutting and efficiency measures and investments over the past months. However, the impact of the 2012 drought in the US continued to affect its farm services business there. Cargill’s overall net earnings for the quarter ended November 30, 2012 more than quadrupled to US$409 million (€313m) from a rather dismal $100m a year earlier. Revenues increased by 6% to $35.2 billion. First half earnings totalled $1.38bn compared with $336m a year earlier, and revenues for the six months to November 30 came to $69bn, up from $67.9bn. Earnings in the second quarter rose in four of the company’s five business segments, and were up in all five during the first half of the financial year.