September 27, 2018 / 1:12 PM / 3 months ago

Cargill profit rises on strong beef demand

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

(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.

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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