Biotechnology major Monsanto Company today said the company has delivered on its financial targets for the first quarter of 2010, which ended 30 November 2009, and is recommitted to its full-year guidance.
The company reported a net loss of 1 per cent in the first quarter of fiscal 2010 against a 21 per cent net profit in the same quarter of the previous fiscal. The company also announced its annual research and development pipeline update, showcasing a record-breaking 11 phase advancements.
The company said early indicators of its seeds and traits business show the company was well on track to meet its 2010 financial commitments and with its operational plan through 2011 and 2012.
Net sales of the company were down at $1,697 million in the first quarter of the company's financial year ended 30 November 2009, compared with $2,649 million at the end of November 2008.
Gross profit of the company more than halved to $739 million, compared with $1,550 million in the same quarter of the previous year.
Operating expenses were also higher at $802 million against $777 million in the same quarter of the previous year.