American agribusiness company Cargill reported that its net earnings for the fiscal 2013 first quarter ended 31 August 2012 soared 313% to $975m, compared to $236m the previous year.

Revenues for the first quarter were $33.8bn, down 2.3% from $34.6bn in the year-ago period.

Cargill chairman and chief executive officer Greg Page said that over the past two years, Cargill has invested $8.1bn to better serve its customers.

"By investing steadily, we've been able to significantly boost the breadth and depth of the products and services we offer our customers. And that has strengthened the balance, diversification and resilience we strive for in our business," Page added.

The company noted that the performance was boosted due to improved earnings across all its five business segments - agriculture services, food ingredients, origination & processing, risk management & financial, and industrial.

Cargill, however, warned that as the full impact of drought and other weather-related damage to US and world crops were still unfolding through the supply chain, they would challenge food processors, livestock feeders and exporters in the coming months.