Food segment revenues dropped 3.2%, mainly due to lower rice and grain prices.

Net revenue from the Corn Division dropped 76.5% in the quarter.

Food ingredient, packaged food segment show positive results.

Higher volume and pricing in white goods drove gains in operating income.

The group reported profit of €109.8 million or €7.60 per share, down from €156.5 million or €10.52 per share.

The company reported net income of $22.7 million for the first quarter, up from $12.6 million a year ago.

Losses in grain trading and distribution along with depressed crushing in China hurt results.

Earnings per share in the first quarter dropped 32% to 96¢ from $1.41 in the same period a year ago.

Net income was $267 million or 40¢ per share, down from $269 million and 41¢ per share in the same period a year ago.