Bunge corrects $7bn accounting error

03 March 2008 15:17  [Source: ICIS news]

HOUSTON (ICIS news)--US oilseed processor Bunge reduced its 2007 net sales and cost of goods sold by $7bn  after detecting accounting errors, the company said on Monday.

Bunge said the correction should not affect volumes, gross profits, segment operating profits, net income, earnings/share, consolidated balance sheets or statements of cash flows.

Bunge found the errors while it was reviewing its accounting. The company attributed the errors to systems changes that took place in 2007.

Shares of Bunge were trading on at $104.75, down 5.50% at 14:52 GMT on the New York Stock Exchange.

($1 = €0.66)

By: Al Greenwood
+1 713 525 2645

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