Corn Products Posts Q2 Profit

Corn Products International has reported a 2010 second-quarter net income of $37m compared with a net loss of $85m in the same period a year ago.

The US food producer’s net sales rose 10% in the quarter to $1bn against $912m in the prior-year period, the company said.

Corn Products said its gross profit of $164m during the quarter improved 47% against $112m a year ago, while its operating income for the quarter was $77m versus an operating loss of $73m last year.

The company’s South American operations reported net sales of $287m, compared with $228m a year ago.

In Asia and Africa, net sales increased 35% to $134m versus $99m last year, primarily due to higher volumes.

In 2009, Corn Products reported net sales of $3.67bn.