BISMARCK, N.D. (AP) - Profits at the North Dakota Mill and Elevator were down more than 25% due to slack demand.
The state-owned Grand Forks mill on Wednesday reported making $10.6 million during its last budget year, which ended in June. That’s down from a $14.2 million profit last year. The mill has posted a profit each year since 2009.
President and CEO Vance Taylor says last year’s proceeds were the seventh-highest in history. But he says a “resurgence in low-carb diets” hurt the mill’s bottom line. The mill sells most of its flour in bulk to bakery customers.
Most of the mill’s profits go into North Dakota’s general fund, which finances a variety of state programs.
The mill began operating in 1922 and is the largest wheat-grinding factory in the U.S.
Please read our comment policy before commenting.