Cargill has reported a huge leap in net earnings in its first quarter, rising 83 percent on the same period last year to $917million.
First-quarter results were led by Cargill's origination and processing segment, which sources, processes, markets and distributes agricultural commodities and provides supply chain and risk management services to customers globally.
The company said its growth in the period was led by its origination and processing segment, which sources, processes, markets and distributes agricultural commodities and provides supply chain and risk management services to customers globally.
Capacity
Cargill said its food ingredients and applications, and industrial also outperformed last year's first-quarter earnings.
In a statement the privately-held firm added that it had begun the process of purchasing the remaining shares of Agrograin, a Hungarian grain company in which it bought a minority interest and formed a joint venture in 1995.
Cargill also announced plans to build a second canola processing plant located adjacent to Cargill's Clavet, Saskatchewan.
The move to meet growing demand for tans fat-free oil is expected to double the firm's oilseed processing capacity to 1.5m tons annually.
October 16 2007
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