August 01 2006 – ADM has reported net earnings for FY 2005 (ending June 30 2006) of USD 1.3 billion, a 26% year on year increase.
Fourth quarter net earnings ‘more than doubled’ to USD 410 million, the company says in its earnings statement.
Rising ethanol, starch and sweetener prices helped boost the results, but ADM also noted a USD 40 million slip in revenue in its fourth quarter food and feed ingredients activities. The company attributes the drop in the sector’s revenues to reduced operating profits in natural health and nutrition, wheat milling and cocoa operations.
Food and feed ingredients revenue for the full financial year stood at USD 159 million, down from USD 263 million the previous year.
On a brighter note for the company, fourth quarter sweetener and starch earnings increased USD 20 million to USD 112 million. Full year sweetener and starch FY2005 earnings increased USD 160 million to USD 432 million.