08:07 AM EDT, 05/15/2024 (MT Newswires) -- Ceres Global Ag ( CERGF ) said Wednesday that it swung to a profit in the fiscal third quarter ended March 31 from a net loss in the year-ago period.

The agriculture company reported net income of US$985,000, or US$0.03 per share, compared to a loss of US$553,000, or a loss of US$0.02 per share.

Adjusted net income improved to US$991,000 from US$410,000.

Revenue fell to US$212.3 million from US$287.9 million.

"Our strong performance this quarter is the result of effective trading, capitalizing on our network of assets and partners, and improved joint venture performance," President and CEO Calros Paz said. "Building on the strong momentum over the past three quarters, we aim to end the year on a high note by continuing to execute our core strategy of effectively trading and marketing our core products, maximizing the value of our assets, and leveraging synergies within our partnerships."