REUTERS - Global commodities trader Cargill Inc on Wednesday reported a 6 percent drop in its quarterly profit, hurt by lower poultry sales and a weak environment for grains.
Cargill and its rivals Archer Daniels Midland Co, Bunge Ltd and Louis Dreyfus Co - known as the ABCD of global grain trading giants - have been trying to diversify their operations, as a global glut have brought down grain prices.
Cargill announced investments of about $1 billion during the second quarter, including acquisitions, joint ventures and investments in facilities.
The privately held company said net income fell to $924 million in the quarter ended Nov. 30 from $986 million, a year earlier.
Excluding one-time items, Cargill reported a quarterly net income of $948 million, down from $1.03 billion a year earlier.
Revenue rose 8 percent to $29.2 billion, helped by a rise in sales of Cocoa, chocolate and other food ingredients.
(Reporting by Karan Nagarkatti in Bengaluru; Editing by Arun Koyyur)
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