ADM has revealed its starch and sweetener operations saw profits tumble by more than US$100 million in the first quarter of 2009 – almost the only negative in an otherwise buoyant set of results.
The company’s starch and sweeteners sector made US$65 million – a year-on-year drop of US$102 million due to soaring overhead costs, said Steve Mills, ADM Chief Financial Officer.
The fall in profits from these two products accounted for much of the Corn Processing division’s performance which saw profits slump by 38% from US$253 million to US$118 million for the quarter.