(SeeNews) - May 2, 2013 - US biofuel and food ingredients producer Archer Daniels Midland Co (NYSE:ADM) yesterday said its first-quarter net profit had dropped to USD 269 million (EUR 204m) from USD 399 million a year ago.
Segment operating profit was USD 630 million, falling from USD 918 million. Operating profit of the refining, packaging, biodiesel and other segment, however, rose to USD 108 million from USD 79 million in January-March 2012. This was a result of recovering demand, offset by poor margin conditions in Europe.
“We continue to manage through tight US stocks of oilseeds and grains until the North American harvest,” the company said.
Archer Daniels’ revenues for the quarter improved to USD 21.73 billion from USD 21.16 billion.
(USD 1 = EUR 0.759)