Monsanto swings to quarterly profit

Markets Reuters

  • Copyright Reuters 2017

    (Copyright Reuters 2017)

  • Monsanto logo is displayed on a screen where the stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. on May 9, 2016. REUTERS/Brendan McDermid/File Photo

    Monsanto logo is displayed on a screen where the stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. on May 9, 2016. REUTERS/Brendan McDermid/File Photo (Copyright Reuters 2017)

U.S. seeds and agrochemicals company Monsanto Co , which is being bought by Germany's Bayer for $66 billion, swung to a quarterly profit, helped by higher demand from South America.

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The net profit attributable to Monsanto was $29 million, or 7 cents per share, in the first quarter ended Nov. 30, compared with a loss of $253 million, or 56 cents per share, a year earlier.

Net sales of the company, known for its genetically engineered corn, soybean and the Roundup herbicide, rose more than 19 percent to $2.65 billion.

(Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)