Cargill's net profit rises 20% in first fiscal quarter

Cargill, the largest privately held company in the United States, announced this morning that it earned net income of $ 512 million in the first quarter of the fiscal year 2016, ended on August 31. According to the company, it is a high of 20% compared to $ 425 million obtained in the same period of the previous year.
The company's sales suffered a reduction of 17 percent on the same comparison, $ 33,3 billion to US $ 27,5 billion.
Adjusted operating earnings were $ 611 million in the first fiscal quarter of 2016, against $ 619 million in the same quarter in fiscal 2015.
In a statement, Cargill said it recorded a "productive" start in the new fiscal year, led by a global performance "solid" in the grain and oil processing, as well as in animal nutrition, said CEO David MacLennan.
According to the company, the origination and processing segment was the best contributed in the period, with adjusted operating earnings slightly higher than in the previous year. The crushing of soybeans gained momentum, according to Cargill, thanks to improvements in capacity utilization in South America and in longer processing period in North America this year.