Louis Dreyfus says profits down as supply rises
PARIS, Sept 20 (Reuters) -Louis Dreyfus Company (LDC) on Friday reported a jump in first-half sales volumes and a drop in profits as the agricultural commodity group faced rising supply and lower prices of some major crops.
LDC, one of the world's largest crop traders and processors whose competitors include ADM ADM.N, Bunge BG.N and Cargill, said its core earnings (EBITDA) reached $1.057 billion in the first six months of 2024 against $1.169 billion in the year-earlier period.
Net sales fell to $25.6 billion from $25.8 billion but shipped volumes rose 19.4%, it said in a first-half results statement.
"Our diverse and global business activities allowed us to deliver strong results ... as an overall recovery in crop sizes and ample stocks globally put pressure on prices and resulted in less volatile market dynamics," Chief Executive Michael Gelchie said in the statement.
Reporting by Gus Trompiz and Tassilo Hummel; editing by Barbara Lewis
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