News

Tough quarter for ADM

A prettybad quarter for ADM. The world’s largest grain processor says their profit fell 98% in the January through March quarter. Net income dropped to $8 million, or 1 cent a share, in the three months from $517 million, or 80 cents, a year earlier. The company says the decline is the result of lowerdemand for agricultural commodities as well as some investment losses.

The agricultural services unit, which accounts for about half of ADM’s sales, saw profits fall 67% to $121 million. The division had a $97 million loss from refining corn into ethanol and other productscompared to a $70 million profit in the same period last year. However, profits from corn starches and sweeteners rose 43% to $146 million.