GENEVA Oct 3 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.