Global commodity operator Cargill Inc on Thursday reported an almost 5% increase in quarterly profit due to strong protein demand that helped offset the challenges at several of its business units.
Cargill, which last fiscal year reported its highest adjusted operating profit, has weathered the trade war between the United States and China in recent quarters better than rival Bunge Ltd, thanks in part to the growing global demand for protein and the strength of its meat business and food ingredients.
The net profit of the private company increased to US $1.020 billion in the first quarter that ended on August 31, from US $973 million a year earlier.
However, the company’s operating profits fell to US $883 million, from US $888 million in the same period of 2017.
Revenues increased 5% to US $ 28.700 billion.