Earnings growth has eluded Cargill for a fourth successive quarter, with the agribusiness and trading giant blaming a "sharp" decline in profits at majority-owned fertilizer group Mosaic for its latest slide.

Cargill, the world's largest trader of agricultural commodities, reported earnings down 59% at $489m for the September-to-November period as two of its divisions continued to suffer from quieter agricultural markets.

The group's origination and procession division, which includes assets from Brazilian sugar mills to palm oil plantations in Papua New Guinea, proved unable to match record earnings a year before, which were boosted by "exceptionally volatile" markets.

Mosaic, in which Cargill has a 64% stake, last week reported earnings down 89% for the quarter, thanks to lower sales, particularly of potash, for which demand has been dented by its relatively high price at a time of weaker crop prices and, in many regions, tight credit.

'Strength in breadth' 

However, Cargill's risk management and financial segment, a weak link for much of last year, managed a "much improved" results, helped by the recovery in the global financial sector.

The food ingredients and agriculture services units improved performance "significantly", Greg Page, the Cargill chairman and chief executive officer, said, crediting the group's operational spread for saving it from a deeper decline.

"Cargill's business and geographic diversity continued to demonstrate its value, as a different mix of business units moved to the forefront in the second quarter," Mr Page said.