28 October 2010 12:29 [Source: ICIS news]
LONDON (ICIS)--Bunge’s net income rose by 4.5% year on year in the third quarter to $206m (€150m) due to strong demand, but price volatility was expected to continue, the US-based agribusiness major said on Thursday.
Pre-tax profits came in at $295m, more than double the $100m recorded in the corresponding period last year. Net sales rose 2.7% to $11.66bn.
Alberto Weisser, chairman and CEO, said demand for Bunge’s core products was strong, but that price volatility was expected to persist in the near term due to the tight supply environment.
He added that its agribusiness had performed well in a volatile market, and that the company’s sugar and bioenergy and food and ingredients businesses had also shown growth.
“While fertilizer is performing below its full potential, we are making steady progress in restructuring the business following the sale of our Brazilian nutrients assets in the second quarter,” said Weisser.
The company said it anticipated continued strong performances in the fourth quarter, adding that it expected to achieve or exceed its 2010 full-year earnings guidance range of $3.25 to $3.50 per share.
($1 = €0.73)
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