September 27, 2018 / 1:12 PM / in a month

Cargill profit rises on strong beef demand

(Reuters) - Grains trader Cargill Inc reported a nearly 5 percent rise in quarterly profit on Thursday as strong demand for protein helped offset challenges in several of its business units.

A Cargill logo is pictured on the Provimi Kliba and Protector animal nutrition factory in Lucens, Switzerland, September 22, 2016. REUTERS/Denis Balibouse

Cargill, which reported its highest ever adjusted operating earnings last fiscal year, has weathered the U.S.-China trade war in recent quarters better than rival Bunge Ltd - thanks in part to growing global protein demand and strength in its meat and food ingredient businesses.

The privately held company’s net income rose to $1.02 billion in the first quarter ended Aug. 31, from $973 million a year earlier.

However, the company’s operating earnings fell to $883 million, from $888 million, a year earlier.

Revenue rose 5 percent to $28.7 billion.

Reporting By P.J. Huffstutter and John Benny; Editing by Anil D'Silva

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