About Us  |   Contact Us  |   Register  | Login  |   

Follow HedgeWorld on Twitter HedgeWorld on LinkedIn

Search the News
Advanced News Search
HedgeWorld News by Region
United States / Americas
Asia / Australia
HedgeWorld News Sections
Managed Futures & Derivatives
Daily News
Other News Features
Most Popular
LexisNexis Headlines
Reuters Headlines
The HedgeWorld Blog
Alternative Advantage Daily Newsletter
RSS Service
Sign Up For Email News Alerts

Louis Dreyfus reports drop in net income after U.S. drought
10/03/2013 Email this story  |  Printable Version

GENEVA, Oct 3 (Reuters) - Louis Dreyfus Commodities said its net income for continuing operations in the first half of the year fell by around 13 percent to $258.4 million from the same period in 2012, according to a report published on its website.

The results are the first released since long-serving chief executive Serge Schoen was replaced by its former head trader and chief operating officer, Ciro Echesortu, in June.

The trading giant said that the consequences of the worst U.S. drought in more than half a century last year had continued to hurt one of its core markets in 2013.

"In oilseeds and grains, the tight supply carried over from last year's mediocre harvest in North America led to limited export and crushing opportunities at the beginning of the period," said the report, which was seen by Reuters on Thursday.

The fall in income came despite a rise in net sales to $29.2 billion from $27 billion in the same period of 2012.

Louis Dreyfus, a 160-year-old company with French roots and trading operations in Switzerland, said it remained committed to its strategy of vertical integration, adding that the value of its total assets was over $20 billion.

"We remain dedicated to ongoing product diversification and selective geographic expansion, and to targeted asset growth," Echesortu said in a note within the report.

Dreyfus is one of the four global companies trading in agricultural goods. The others are Cargill,, Archer Daniels Midland Co and Bunge Ltd.

Email This Story to a Friend   |   Display Printable Version of This Story

Story Copyright © 1999-2014 Reuters HedgeWorld All rights reserved.

HedgeWorld News is sponsored by:

Lipper    Privacy   User Policy  Legal Disclosure Copyright/DMCA  Site Map    FAQ    Glossary  Thomson Reuters for Hedge Funds
All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of HedgeWorld content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. HedgeWorld is a registered trademark of Thomson Reuters.