One-off costs hit Monsanto profit

Monsanto specialises in genetically modified crops

US agrochemical giant Monsanto has blamed an 81% drop in third quarter profits on write-offs caused by two large-scale acquisitions.

St Louis-based Monsanto said net profits for the three months to 31 May fell to $47m (£26m) compared with $252m for the same period last year.

Net sales rose by 22% to more than $2bn, and the firm said demand continued to grow for its products.

Monsanto is the world's best-known maker of genetically modified crops.

The company expects losses to continue into its fourth quarter due to seasonal business issues and declining revenues from its herbicide business.

Monsanto's shares fell 9% after the results, but analysts said the company remained in good shape.

The company "appear healthy, with a good mix," said Banc of America Securities equity research analyst Kevin McCarthy.