(SeeNews) - Aug 1, 2012 - US biofuel and food ingredients producer Archer Daniels Midland Co (NYSE:ADM) on Tuesday posted a net profit of USD 284 million (EUR 231m) for its fourth fiscal quarter to June 30, down from USD 381 million a year earlier.
Operating profit nearly halved to USD 544 million from USD 921 million. Operating profit at the refining, packaging, biodiesel and other segment amounted to USD 84 million, or USD 6 million less than a year before, mainly due to weaker biodiesel results in Europe.
Total net sales and other income for the quarter were nearly flat at USD 22.68 billion, compared with USD 22.87 billion a year back. "In a challenging fourth quarter, solid results from our global oilseeds business, particularly in South America, were more than offset by negative US ethanol margins and weaker US merchandising results," said Patricia Woertz, chairman and chief executive.
In the full fiscal 2011/12, ADM saw its net profit plunge to USD 1.22 billion from USD 2.04 billion.
Operating profit was USD 2.53 billion, down from USD 4.13 billion. The refining, packaging, biodiesel and other segment brought an operating profit of USD 295 million, compared to USD 342 million in fiscal 2010/11.
Total sales for the year grew to USD 89.04 billion from USD 80.68 billion.
(USD 1 = EUR 0.813)