LDC Posts 2019 Profit Slide
Group net income for 2019 had fallen to $230M from $364M in 2018
Louis Dreyfus Co. (LDC) reported a sharp drop in 2019 profits, confirming tough conditions on agricultural markets last year while saying it had not yet seen a major impact on its business from the coronavirus crisis, reports Reuters.
Louis Dreyfus said on Monday that group net income for 2019 had fallen to $230 million from restated 2018 income of $364 million, bringing its bottom line close to a decade low of $211 million recorded in 2015.
The company cited low prices along with the continuing effects of a U.S.-Chinese trade war and the swine fever epidemic in China as a drag on its results, while pointing to resilient overall performance helped by strong earnings in cotton and freight.