ADM Profits Plunge 98 Percent

Archer Daniels Midland Company yesterday announced net earnings for the quarter ended March 31, 2009 decreased 98% to $8 million, or $0.01 per share from $517 million or $0.80 per share last year.

The figure including a $132 million non-cash after-tax charge related to currency derivative losses of the Company's equity investee, Gruma S.A.B. de C.V., and a $97 million income tax charge related to the Company's investment in Wilmar International Limited.

Net sales and other operating income decreased 21% to $ 14.8 billion.