International seed and agrochemical company Monsanto has revealed that second quarter profit fell by 19 per cent year-on-year, as international sales of the group's Roundup product continue to fall.
The US-based group said that net profit fell to US$887m for the quarterly period ended 28 February 2010, down from a profit of US$1.09bn during the previous year.
Profit was hit by falling sales, with total revenues coming in at US$3.89bn during the second quarter, down from the US$4.04bn registered last year.
Group chairman and CEO Hugh Grant admitted that Monsanto was now unlikely to meet its goal of doubling its 2007 gross profit by 2012, noting that any attempt to force a change could impact the long-term stability of the company.
'Over the course of a five-year operational plan, the landscape canchange,' said Mr Grant. 'While there may be options to make anaccelerated push for 2012, it's clear to me that achieving thatobjective would involve making short-term choices that are not in thelong-range interests of the business.
'Still, nothing has changed in myfundamental view of the business,' he added. 'We have the best products, we have acommercial and technology lead and we have the experience to apply thelessons of 2010. Given that, I am confident that we're a growth companygoing forward.'
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