Agro-based companies reaping hefty profits from ongoing food crisis

Lahore, May 5 : Even as food crisis is hitting nearly 100 million people across the world, giant agri-businesses are enjoying record profits.

According to The Independent, Monsanto, an agri-company, last month reported that its net income for the three months up to the end of February 2008 had more than doubled from the same period in 2007 - from 543 million to 1.12 billion dollars.

Similarly, Cargill's net earnings soared by 86 percent from 553 million to 1.030 billion dollars over the same three months, and Archer Daniels Midland, one of the world's largest agricultural processors of soy, corn and wheat, increased its net earnings by 42 percent in the first three months of this year, from 363 million to 517 million dollars.

Similarly, the Mosaic Company, one of the world's largest fertiliser companies, saw its income for the three months ending February 29 rise from 42.2 million to 520.8 million dollars, on the back of a shortage of fertilizer, the Daily Times quoted the report as saying.

The prices of some kinds of fertiliser have more than tripled over the past year as demand has outstripped supply. The Food and Agriculture Organisation reports that 37 developing countries are in urgent need of food. Food riots have broken out in several nations.

ANI