Cargill has announced its income from continuing operations was $2.69 billion in the fiscal year ended May 31, up 35 per cent from $1.99 billion last year.

The gain came despite a 7 per cent decrease in earnings during the fourth quarter, when earnings from continuing operations slipped to $404 million from $435 million.

The company said income from discontinued operations was $1.55 billion during fiscal 2011. Cargill also recognized a one-time accounting gain of $11.49 billion on the May 25, 2011, distribution of its Mosaic shares, which were exchanged for Cargill stock and Cargill debt.

During the fourth quarter, Cargill recorded an additional $359 million from discontinued operations - income attributable to Cargill's former majority investment in The Mosaic Co.

Revenues for the full year were $119.5 billion, up 18% from $101.3 billion in fiscal 2010. Fourth-quarter revenues were $34.8 billion, up 32% from $26.3 billion in the year-ago period.